After ending the previous trading day at $0.389, XRP went up to $0.394 only to drop back; still positive overall today, now trading at $0.393.
Trend analysis indicates that Ripple made an initial breakout above its 200 day Simple Moving Average at $0.391, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.412, thereby suggesting that XRP is becoming overvalued. A study of XRP's historical price actions shows XRP reversed direction at $0.395 resistance zone and retreated back 2 cents below it.
Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.
Ripple shows positive signs, other assets are also on par: Dogecoin added 8.56% to its value, now trading at $0.103. Binance Coin gained 3.57% and is now trading at $303.7. Ethereum improves 3.71% to trade around $1,212.47.
Approximately 11 months ago, Ripple reached a significant high of $1 but has struggled to hold onto its gains and declined 61.76% since then. Ripple is currently trading with a market cap of 19.77 billion with an average daily volume of 10.54 million.