Currently trading at $0.474, Ripple remains range-bound between $0.467 and $0.474.
Analysis of Ripple's recent price action suggests Ripple is 1 cents away from testing key resistance at $0.478. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that although up today, early price action saw Ripple dropping below its 5 day Simple Moving Average at $0.462 — an early indicator that a new downward trend could be emerging. Having stamped out a session range of $0.467 to $0.474, Fibonacci-inclined XRP traders were highly concentrated around active Fibonacci resistance at $0.471. Asset volatility analysis shows that Ripple's lower Bollinger Band® is at $0.446, indicating that the market is oversold and fertile for new buyers.
Notwithstanding Ripple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTX Token is up 9.54%. Bitcoin is up 2.1%.
At the same time, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Ripple has managed to gain 39.22% so far this year despite trading at lows around $0.307 previously. XRP is currently trading with a market cap of 24.51 billion with an average daily volume of 1 billion.