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According to a recent update from 100eyes Crypto Scanner, XRP, the controversial Ripple-affiliated token XRP, has approached horizontal support at the $0.47 level.
The token is down 2.5% over the past 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 purchase the token at the $0.47 level.
However, it should be noted that a support level turns into resistance if there is growing bearish momentum.
If this support level keeps getting tested by bears, it might eventually crack under the pressure of growing bearish momentum.
The price of the XRP token is down 13.5% over the past month, but it still boasts impressive gains on a year-to-date basis.
A reversal higher?
Earlier today, Evai CEO Matthew Dixon predicted that the XRP token would soon experience a bullish reversal. “Technicals are screaming for a reversal higher,” the analyst said while pointing to the aforementioned $0.47 support level.
Dixon suggested that dollar-cost averaging around these levels would be a prudent strategy for traders and investors who are interested in the XRP token.
