Main navigation

XRP Price Close to Reaching Critical Horizontal Support

Mon, 09/18/2023 - 16:30
article image
Alex Dovbnya
XRP flirting with critical level known as horizontal support, currently trading around $0.505
XRP Price Close to Reaching Critical Horizontal Support
Cover image via
Read U.TODAY on
Google News

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.

CZ Reveals Secret of Creating Successful Binance Logo

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.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at