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XRP Price Prediction For January 9
Ripple’s XRP is currently attempting to surge above the crucial $2.40 level. The price has recently dropped by more than 5-6 percent, erasing the gains made in the last week. XRP may still experience some upward momentum, though key levels will be essential in determining whether market sentiment is shifting.
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Key Levels to Monitor
XRP currently finds itself in a consolidation phase, which could continue for a while longer. However, on a smaller time frame, this phase might be nearing its conclusion. A final upward movement could complete a larger 5th wave, potentially driving XRP towards new all-time highs. The most recent Wave 4 bottomed in July 2023, and the market may now be entering the 5th wave upwards.
Resistance Zones (Long-Term)
Key resistance levels to monitor include the previous all-time high of $3.30, achieved in December 2017. Beyond that, the next resistance points are $4.20 and $5.00. If XRP does manage to reach a new high, it is essential to be cautious for a major correction could follow, similar to Wave 2. This correction could both be deep and long-lasting.
Short-Term Market Structure
On the smaller time frame, XRP is currently forming a triangle pattern, suggesting market indecision. Typically, this type of pattern precedes another upward movement. A break above the $2.46 level would signal that a low has formed, potentially paving the way for new all-time highs.
Current Support Levels
Key support levels are present between $2.29 and $2.40. If XRP falls below $1.96, it could indicate a larger correction, although not necessarily a continuation of the triangle pattern. To maintain a bullish outlook, XRP must be able to hold above this green support zone.
What’s Next for XRP?
If XRP breaks above the last swing high at $2.46, market sentiment may begin to shift positively once more.
Source: coinpedia.org
