XRP ended today's session at $0.373 and lost $0.033 today, leading it to trade below the $0.4 level for the first time in 6 weeks.
Analysis of Ripple's recent price action suggests Ripple could begin to recover as it approaches significant support, now 2 cents away from $0.397. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Ripple's lower Bollinger Band® is at $0.41, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Ripple will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Solana is down to $17.73, losing $6.27, after closing at $24 in the preceding trading session. FTX Token closed at $4.45 (down 18%). NEAR Protocol closed at $2.25 (down 14.52%).
Approximately 1 year, 1 day ago, Ripple reached a significant high of $1.29 but has struggled to hold onto its gains and declined 68.53% since then. Ripple is currently trading with a market cap of 18.71 billion with an average daily volume of 6 million.