XRP Defies Crypto Winter, Gains 2% Amidst Market Downturn

While the broader cryptocurrency market grapples with a bearish sentiment, XRP, the native token of Ripple Labs, is bucking the trend with a notable price increase. On January 9, 2024, while Bitcoin, Ethereum, and other major cryptocurrencies are experiencing price declines, XRP has recorded a 2% gain.

Technical Analysis Points to Further Upside

• Support from 200 EMA: On the four-hour chart, XRP is finding strong support from the 200 Exponential Moving Average (EMA). Historically, whenever XRP has touched the 200 EMA, it has experienced significant upside momentum.   
• Bullish Flag and Pole Pattern: On the daily time frame, XRP appears to be retesting the breakout level of a bullish flag and pole pattern. A sustained break above the $2.20 level could trigger a significant price surge.   

Whale Accumulation Fuels Upside Potential

On-chain data from Coinglass reveals a significant outflow of $73.14 million worth of XRP from cryptocurrency exchanges. This outflow suggests that whales are accumulating XRP, potentially creating buying pressure and driving the price higher.

Key Levels to Watch

• Support: $2.20 (supported by 200 EMA and horizontal level)
• Resistance: $2.50 (a breach of this level could trigger a significant upside move)

Current Market Sentiment

At press time, XRP is trading near $2.32 with a 24-hour price increase of over 1.5%. Trading volume has also surged by 20%, indicating increased investor and trader participation.

January 2025, Cryptoniteuae