Is XRP on the verge of another massive correction?
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U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.Horizontal support is a pivotal concept in technical analysis. It is a price level where a majority of traders are expected to buy a certain asset . Essentially, it acts as the price floor. BREAKING: Strategy Announces Biggest Purchase Since Late September Morning Crypto Report: $130 Million DeFi Hack Hits Balancer; Bollinger Bands Say Forget $3 XRP; Bitcoin Going Through IPO, Says Wall St. VeteranXRP experienced a rather strong uptrend from around October 23, with the price of XRP/USDT rising from the low $2.30s to a peak near $2.70 around October 27. Following the peak, the price entered a downtrend and then consolidated before another sharp fall at the end of the chart. The previous lows on October 23 and the low of the first major dip appear to have touched or come close to this level, which is why it has been flagged as a significant support zone. The final red candlestick on the chart is shown aggressively breaking into the top of this support zone. This, of course, shows strong selling pressure. If the support somehow manages to hold, strong buying pressure in this gray zone will likely cause the price to"bounce" back up. However, if the selling pressure is too strong, and the price breaks clearly below the bottom of the gray box , the support would be considered broken.
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