After ending today at $0.4, XRP ascended as high as $0.408 before meeting resistance. Undeterred, XRP posted a fresh rally late in the trading session targeting $0.4.
Ripple price action is currently oscillating around the $0.407 resistance level with prices moving above and below several times during the session. Despite posting gains so far today, Ripple slid below its 5 day Simple Moving Average at $0.4 in earlier trade — an early indicator that a negative trend could be emerging. Ripple's upper Bollinger Band® is at $0.414, this is a slight indication of a slowdown. Despite this, when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal.
Technical analysis suggests there could be an imminent reversal for XRP.
Ripple shows positive signs, other assets are also on par: Ethereum improves 4.05% to trade around $1,267. Having closed the previous session at $16,455, Bitcoin is up 2.6% today to currently trade at around $16,883. Having closed the previous session at $1.61, NEAR Protocol is up 6.31% today to currently trade at around $1.71.
Ripple is now trading 60.86% below the significant high of $1 it set around 11 months ago. XRP is currently trading with a market cap of 20.14 billion with an average daily volume of 9.86 million.