XRP Price May Lose $2 Support This Week, But Here’s a Catch 

On January 9th, Wednesday, the crypto market witnessed a surge in selling pressure as Bitcoin correction neared a $90k breakdown. Defying the broader market correction, the XRP price bounced 4%, projecting its resilience and sustainability above key support. Amid the formation of the pennant pattern, the coin shows potential for imminent breakout.

According to CoinGecko, the XRP price trades at $2.36, with a market cap of $135.2 Billion and a 24-hour trading volume of $7.5 Billion.

Key Highlights:

• The XRP price prolongs its short-term consolidation within the formation of a pennant pattern.
• According to Santiment, crypto whales sold millions of XRP coins, increasing the likelihood of a breakdown below the triangle support.
• The Fibonacci retracement tool indicates $2 and $1.7 as key pullback support as they coincide with 38.2% and 50% FIB levels.

XRP Price Faces Selling Pressure as Whales Offload 60 Million Tokens

The Ripple crypto has witnessed significant selling pressure as whales offloaded 60 million XRP tokens over the last 24 hours, according to data shared by market analyst Ali Martinez via Santiment. 

The whale sell-off has raised concerns about potential downward momentum in XRP price as Bitcoin below $100k accelerates market correction. Historically, large holders’ selling has coincided with major market tops and renewed bearish momentum.

XRP Pennant Pattern Hints at Major Breakout

Over the past five weeks, the XRP price has traded sideways within the formation of the pennant pattern. The coin price bounced at least thrice from either trendline, indicating the pattern’s credibility and strong influence on the asset.

In November 2024, the 4-hour chart showed similar structures, which significantly bolstered the bullish momentum.

However, with the current market correction, the XRP price could plunge 10% and tease a breakdown below the lower trendline. If successful, the selling pressure will accelerate and extend the downfall to $1.12.

On the contrary, a breakout above the overhead trendline will invalidate the bearish thesis and set a target for the $4.5 mark.

Also Read: Gary Gensler Breaks Silence on Crypto’s Future Amid SEC Exit Countdown