According to a recent update from 100eyes Crypto Scanner, XRP, the controversial Ripple-affiliated token, has approached horizontal support at the $0.47 level.
According to a recent update by 100eyes Crypto Scanner, XRP, the controversial token affiliated with Ripple, has approached the horizontal support at the $0.47 level.
The token has fallen 2.5% in the last 24 hours, underperforming other major cryptocurrencies in the top 10.
Support and resistance are some of the key concepts frequently used by technical analysts.
In this particular case, the chart indicates that some buyers are willing to buy the token at the $0.47 level.
Gamza KhanzadaevHowever, it is worth noting that a support level becomes resistance if there is increasing bearish momentum.
If this support level continues to be tested by the bears, it could eventually break under the pressure of growing bearish momentum.
The XRP token price is down 13.5% over the past month, but still boasts impressive gains so far this year.
An upward reversal?
Earlier today, Evai CEO Matthew Dixon foretold that the XRP token will soon experience a bullish reversal. “Technicians are clamoring for an upside reversal,” the analyst said while pointing to the aforementioned $0.47 support level.
Tomiwabold OlajideDixon suggested that dollar-cost averaging around these levels would be a prudent strategy for traders and investors who are interested in the XRP token.
