Xrp Nears Key Support Amid Cryptocurrency Market Uncertainty
(MENAFN- CoinXposure)
According to a recent alert from crypto analytics firm 100eyes crypto Scanner, 50 m XRP, the digital currency associated with Ripple, is inching closer to a horizontal support level.
CoinGecko data indicates that the broader Cryptocurrency market is struggling, with bitcoin on course to fall below $26,000 and Ethereum also exhibiting a downward trend.
In the context of trading, the term“horizontal support” refers to a situation in which an asset such as XRP approaches a price level that has historically attracted purchasing interest, preventing the price from falling further.
Ripple's recent legal victory against the U.S. Securities and Exchange Commission (SEC) makes the approaching horizontal support for XRP newsworthy. The controversial digital asset appears to be reflecting subdued market sentiment.
The price of XRP has decreased by 1.2% over the past week, trading at approximately $0.51 with a 24-hour volume of nearly $964 million.
Despite recent favorable court rulings in the crypto industry, the market has declined. Grayscale, a prominent crypto asset manager, won significantly against the SEC, mirroring Ripple's success.
Nonetheless, these legal achievements have not translated into positive market momentum.
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Bitcoin, the market leader, has dropped 4.0% over the past twenty-four hours and is on course to fall below the $26,000 threshold, further fueling concerns about the near-term prospects for digital assets.
The general sentiment in the cryptocurrency market continues to be cautioptimism tempered by harsh realities.
Uncertainty exists about whether XRP will rebound upon reaching the horizontal support or burst through it in a downward spiral.
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