XRP recovering almost all the way back to $0.521 today, after dipping down to $0.512.
Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.519. Dipping below could be an indication that further losses are ahead. XRP made an initial break below its 21 day Simple Moving Average at $0.513, a possible indication of a forthcoming negative trend. XRP's upper Bollinger Band® is at $0.534 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts XRP to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ripple is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Bitcoin is down $831.15 from the beginning of the session and now trades around $29,469. Algorand USD slumps 3.58% to trade around $0.226.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Ripple has gained 54.44% since its lowest print of $0.307 earlier this year. XRP has a market cap of 26.53 billion with an average daily volume of 1.55 billion.