Ripple weakened earlier in the day, before moving away from its $0.453 low and recovering back to $0.465.
Trend-focused traders would be interested to note that Ripple made an initial break below its 5 day Simple Moving Average at $0.461, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.464 currently serving as support. If price action breaks below, the next Fib hurdle is $0.45. Asset volatility analysis shows that Ripple's lower Bollinger Band® is at $0.441, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Following today's trading session, chart analysis suggests XRP could begin to recover as it approaches significant support, now 1 cents away from $0.457. Dipping below could be an indication that further losses are ahead.
Notwithstanding Ripple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other assets are showing positive performances as having closed the previous session at $19,218, Bitcoin is up 1.47% today to currently trade at around $19,500. Solana goes up 2.89% to trade around $28.84. Having closed the previous session at $52.23, Litecoin is up 1.76% today to currently trade at around $53.15.
Approximately 11 months ago, XRP reached a significant high of $1.29 but has struggled to hold onto its gains and declined 63.85% since then. XRP is currently trading with a market cap of 23.17 billion with an average daily volume of 6.37 million.