Struggling to find upward momentum, XRP has shed $0.019 to currently trade at $0.376 as it ranges between $0.371 and $0.398 so far today.
Despite being in the red so far in the current trading session, Ripple peaked above its 3 day Simple Moving Average around $0.4 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.369, a low enough level to, generally, suggest that Ripple is trading below its fair value. Ripple could begin to recover as it approaches significant support, now 3 cents away from $0.349. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems XRP is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, FTX Token drops 16.34% to trade around $2.94. Dogecoin is down $0.007 from the beginning of the session and now trades around $0.083. MaticNetwork USD dips 9.13% to trade around $1.03.
Ripple reached a significant high of $1.22 around 11 months ago but has lost 67.57% since then. XRP has a market cap of 18.89 billion with an average daily volume of 7.85 million.