XRP Price Prediction For January 9
Ripple’s XRP is currently trying to rise above the key $2.40 level. Prices have recently fallen by more than 5-6%, erasing last week’s gains. Although key levels are critical to understanding whether market sentiment is changing, XRP may still experience some upward movement.
Key levels to watch
XRP is currently in a consolidation phasewhich may be around for a while. However, on a smaller time scale, this phase may be nearing its end. An eventual rise could complete a larger fifth wave, potentially pushing XRP to new all-time highs. The most recent wave 4 bottomed in July 2023, and the market may move upward into wave 5.
Resistance Zone (Long Term)
The key resistance level to monitor is the all-time high from December 2017 at $3.30. Above this, the next resistance levels are $4.20 and $5.00. If XRP manages to reach new highs, there could be a major correction similar to the previous second wave correction. This correction is likely to be both deep and long, so caution is advised.
short term market structure
On smaller time frames, XRP is currently forming a triangle pattern, hinting at market indecision. This usually happens before another move up. A break above the $2.46 level would signal that a low has been formed, potentially paving the way for new all-time highs.
Current level of support
Key support is between $2.29 and $2.40. If XRP falls below $1.96, it would signal a larger correction, although not necessarily a continuation of the triangle pattern. To keep the bullish outlook intact, XRP must remain above this green support area.
What’s next for XRP?
If XRP breaks above the previous swing high of $2.46, it could mark the beginning of a move towards new highs. Until then, attention is focused on whether the price can hold support and generate a strong reaction.
