Ripple drops from $0.481 to $0.471, losing $0.01 (2.06%) today.
Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.464. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Ripple peaked above its 21 day Simple Moving Average around $0.483 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger bands shows an indication of recovery: the lower band is at $0.449, a low enough level to, generally, suggest that XRP is trading below its fair value.
Technical analysis indicates that Ripple (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Cardano is trading around $0.366 (down $0.007). FTX Token closed at $23.72 (down 1.77%). Binance Coin is trading around $272.26 (down $3.56).
11 months ago XRP reached a significant high of $1.29 but has consequently lost 62.66% since then. Ripple is currently trading with a market cap of 23.49 billion with an average daily volume of 6.83 million.