A recent alert from 100eyes Crypto Scanner highlighted XRP, a cryptocurrency connected to Ripple, at a crucial juncture. The contentious coin is getting close to what experts in technical analysis call “horizontal support.”
The short-term price fluctuations of the digital asset may be significantly influenced by this important technical level.
Understanding horizontal support
Technical analysts use the phrase “horizontal support” to describe a certain price level that cryptocurrencies, such as XRP, have historically had trouble dropping below.
It is the point at which there is enough purchasing interest to keep the price from falling any lower.
The level, which is frequently shown as a horizontal line on price charts, stands for a mental barrier that the market must overcome. This support for XRP is located close to $0.56, which is the price at which the cryptocurrency has historically stabilised and increased.
These levels are frequently watched by traders since a break below them might result in more selling pressure, while a comeback above them could portend a future rebound.
A day in the red
Based on statistics from CoinGecko, XRP has decreased by 3.9% in the past 24 hours. Ethereum (ETH) has dropped by 2.9% during the last day, while Bitcoin (BTC), the top cryptocurrency by market capitalization, has remained relatively stable with a little 1.6% dip.
While several cryptocurrencies have followed different routes, Solana (SOL) has had a 5.9% decline in the last day and a robust 7.7% growth over the last week.
Remarkably, Cardano (ADA) has dropped 7.4% today even if it had led with an 11.6% increase in the last seven days.
