XRP Price Nears Key Horizontal Support Level

XRP Price Nears Key Horizontal Support Level

A recent alert from 100eyes Crypto Scanner outstanding a critical moment for Ripple-affiliated XRP. The controversial token is approaching what technical analysts call “horizontal support.”

A recent alert from 100eyes Crypto Scanner outstanding a critical moment for Ripple-affiliated XRP. The controversial token is approaching what technical analysts call “horizontal support.”

This key technical level could prove critical to the digital asset’s near-term price movements.

Understanding horizontal support

Horizontal support is a term used in technical analysis that refers to a specific price level at which a cryptocurrency, such as XRP, has shown difficulty falling below in the past.

It is the point at which buying interest is strong enough to prevent the price from falling further.

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The level, often visualized as a horizontal line on price charts, represents a psychological barrier for the market. In the case of XRP, this support is near the $0.56 mark, a level where the cryptocurrency has previously stabilized and rallied.

Traders often watch these levels closely, as a break below support could lead to further selling pressure, while a bounce from this level could signal a possible recovery.

A day in the red

In the last 24 hours, XRP is down 3.9%, according to CoinGecko data. For comparison, Bitcoin (BTC), the leading cryptocurrency by market capitalization, has maintained relative stability with a modest 1.6% drop over the past day, while Ethereum (ETH) has fallen 2.9% .

Other altcoins have shown divergent paths, with Solana (SOL) falling 5.9% in the last 24 hours, but up sharply by 7.7% over the week.

Notably, Cardano (ADA) saw a 7.4% decline on the day, despite leading with an 11.6% rise over the past seven days.

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