XRP Price Analysis: 09 January

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Disclaimer: The findings of the following article is the sole opinion of the writer and should not be taken as investment advice

Bitcoin continued on its parabolic run as it breached the $40,000 level to register a high of $41,986. Ethereum was also trading above $1,200 and the altcoin market saw many coins, large-cap or otherwise, register good gains.

XRP ^[1] had a rather unclear picture. Further bearish news or a correction across the market could easily see XRP lose the important $0.3 level to the bears.

XRP 1-day chart

Source: XRP/USD ^[2] on TradingView

We know how XRP’s surge to $0.78 turned out. What is important to consider is the fact that, prior to the breakout, XRP was trading within a range from $0.17 to $0.3 since July 2019.

In the long-term, $0.3 is a very important level indeed. That is why the move above this level over the past few days gave some hope to XRP bulls.

Even though XRP has a low correlation ^[3] of +0.3 to BTC, it remains a fact that XRP has not seen anywhere near the expected appreciation while Bitcoin and Ether multiplied in value over the past few months. A deep correction in the crypto market will see XRP face intense selling pressure as well.

Hence, for XRP, a short position is likely to turn out to be the profitable bet over the coming weeks, provided $0.3 is

XRP Price Analysis: 09 January

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