XRP, the digital asset associated with Ripple Labs, is edging closer to a key price level known as horizontal support.
At a current price of around $0.505, the cryptocurrency is closely approaching its horizontal support level of $0.51.
This technical indicator is significant because it is often seen as a potential turning point for asset prices. If XRP maintains this level, it could signal an impending price rebound.
Potential recovery?
Horizontal support is a level where a security's price halts and heads back up, suggesting that buyers are more willing to buy at that price point than to let it drop further. In XRP's case, the $0.51 mark serves as that crucial price level. After a positive July with the SEC ruling, XRP saw a loss of momentum and even dipped below the $0.50 mark in September, making the horizontal support level even more significant for its potential recovery.
Top coins see some green
It remains to be seen if XRP will break through or bounce back since it largely depends on the performance of other altcoins.
Market data shows a mixed picture for the broader cryptocurrency space. According to CoinGecko, Bitcoin is currently trading at $27,243, with a slight increase of 2.5% over the last week. Ethereum stands at $1,657, up 1.6% for the same period. Other notable cryptocurrencies include BNB, which is priced at $219.42, with a 5.7% increase over the last week.
Valeria Blokhina
Vladislav Sopov
