Late into the session, XRP loses $0.018 (3.72%), currently trading at $0.474.
As the trading day comes to an end, chart analysis indicates Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.461. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $0.471 currently serving as support. If price action breaks below, the next Fib hurdle is $0.453. According to asset volatility analysis, XRP's lower Bollinger Band® is at $0.472, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Ripple has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.088, Dogecoin lost $0.005 and is trading around $0.084. Cardano is down to $0.4, losing $0.017, after closing at $0.417 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54%.
Ripple has managed to gain 37.1% 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 1.22 billion.
