Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
XRP, one of the main altcoins, approached a level of horizontal support, according to the most recent data.
Horizontal support is a pivotal concept in technical analysis. It is a price level where the majority of traders are expected to buy a certain asset (whether it is a cryptocurrency or a stock). Essentially, it acts as the price floor.
The price is approaching this critical level today (as shown by the red candlestick dipping into the gray box).
Price reversal failed
XRP has experienced a rather strong bullish trend since around October 23rd, with the price of XRP/USDT rising from a low of $2.30 to a peak near $2.70 around October 27th.
After the peak, the price entered a downtrend and then consolidated before another sharp drop at the end of the chart.
The previous lows of October 23rd and the lows of the first big dip seem to have touched or near this level, so it has been flagged as a significant support area.
The last red candlestick on the chart is shown aggressively breaking the top of this support zone. This, of course, shows strong sales pressure.
If the support somehow manages to hold, strong buying pressure in this gray area will likely cause the price to “bounce”.
However, if the selling pressure is too strong, and the price clearly breaks below the bottom of the gray box (under ~$2.30), the support would be considered broken.
