According to U.Today, the XRP token, associated with Ripple, has reached horizontal support at the $0.47 level, as reported by 100eyes Crypto Scanner. Over the past 24 hours, the token has seen a 2.5% decrease, underperforming compared to other major cryptocurrencies in the top 10.
Support and resistance are crucial concepts often utilized by technical analysts. In this instance, the chart suggests that some buyers are prepared to buy the token at the $0.47 level. However, it's important to note that a support level can transform into resistance if there is an increase in bearish momentum. If this support level continues to be tested by bears, it may eventually succumb to the pressure of growing bearish momentum.
The XRP token's price has fallen 13.5% over the past month, but it still shows significant gains on a year-to-date basis. Earlier today, Evai CEO Matthew Dixon predicted that the XRP token would soon see a bullish reversal. 'Technicals are screaming for a reversal higher,' Dixon said, referring to the aforementioned $0.47 support level. Dixon suggested that dollar-cost averaging around these levels could be a wise strategy for traders and investors interested in the XRP token.