XRP is grinding lower from $0.505 to $0.5, shedding $0.005 (1.09%) today.
Ripple made an initial break below its 3 day Simple Moving Average at $0.503, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.5 currently serving as support. If price action breaks below, the next Fib hurdle is $0.484. Despite this, although Ripple is pointing down today (was as low as $0.495), it's climbing away from the $0.495 support line and is now 1 cents above it.
In the short term, Ripple is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Dogecoin is trading around $0.09 (down $0.002).
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. EOS is up 2.83% to $1.22.
The past 3 months have been positive for XRP as it added 49.21% compared to its 3-month low of $0.307. Ripple has a market cap of 25.82 billion with an average daily volume of 1.95 billion.