XRP is now trading at $0.411 after tracing out a steady $0.407 – $0.413 range today.
A study of XRP's historical price actions shows Ripple bounced after reaching the $0.409 support zone, climbing 1 cents above it. Trend-focused traders would be interested to note that XRP made an initial breakout above its 10 day Simple Moving Average at $0.411, a potential indicator of a newly emerging bullish phase. Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. According to asset volatility analysis, XRP's upper Bollinger Band® is at $0.428, suggesting that a downward move may follow.
Notwithstanding XRP's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets show mixed performance as FTX Token gained 9.54% and is currently trading at $1.36. Polkadot gained 2.36% and is now trading at $6.71. Having closed the previous session at $0.064, TRON is up 1.09% today to currently trade at around $0.065.
This year has been a bright one for XRP after trading as low as $0.307 and going on to appreciate by 21.79% year to date. XRP is currently trading with a market cap of 20.87 billion with an average daily volume of 4.98 million.