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.
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.