Will the XRP price rebound ahead of Brad Garlinghouse's statement at Davos?

Source: CryptoNewsNet Original Title: Will the XRP price rebound ahead of Brad Garlinghouse’s statement at Davos? Original Link:

XRP Price Retreat and Recovery Prospects

XRP price retreated sharply on Monday and reached a low of $1.8500, its lowest level since January 1, and 23% below its highest point this year.

Market Overview

XRP price retreated sharply, erasing all the gains made earlier this year. Brad Garlinghouse will deliver a statement at the World Economic Forum. The coin has formed a doji candlestick, pointing to a rebound this week.

Ripple’s (XRP) crash mirrored that of Bitcoin (BTC) and other tokens, including blue-chip names like Solana (SOL), Dogecoin (DOGE), and Ethereum (ETH).

It also coincided with the ongoing retreat of American stock index futures, with the Dow Jones, Nasdaq 100, and S&P 500, which fell by 0.70%, 1.40%, and 1%, respectively.

European indices like the DAX and CAC 40 dropped, while gold jumped, a sign that investors were embracing a risk-off sentiment.

Key Catalyst: Davos World Economic Forum

XRP price has a key catalyst this week in that Brad Garlinghouse, Ripple Labs’ Chief Executive attends the World Economic Forum event in Davos, Switzerland.

He will participate in a panel discussion on the future of tokenization, a technology that continues to grow. Other panelists will be Bill Winters, the CEO of Standard Chartered, Brian Armstrong of a certain compliance platform, Valerie Urbain of Euroclear, and Francois Villeroy de Galhau, the head of the French Central Bank.

The session will see him share more details on how Ripple Labs is positioning itself for the tokenization industry. Data shows that XRP Ledger has over $396 million in tokenized assets and $387 million in stablecoin assets. Its RWA transfer volume rose by 17% in the last 30 days to $76 million, while its stablecoin transfer volume was over $780 million.

Garlinghouse will also likely discuss the state of regulations in the United States, where the CLARITY Act stalled in the Senate Banking Committee.

Ripple price has other potential catalysts this week, including regulatory developments and market sentiment shifts.

XRP Price Technical Analysis

The daily timeframe chart shows that the XRP price has been in a strong downward spiral in the past few days. Its recent recovery saw it peak at $2.4 on January 6 and then it started its retreat.

XRP price has remained below the 50-day moving average and the Supertrend indicator, a sign that bears have been in control.

It has now moved to the ultimate support level of the Murrey Math Lines tool, where assets tend to bounce back. Also, it has formed a hammer candlestick, which is a common reversal pattern.

Therefore, the coin will likely rebound before or after Garlinghouse participates in the panel at Davos. If this happens, it may rebound to the key resistance at $2.25.