XRP is grinding lower from $0.517 to $0.509, shedding $0.009 (1.66%) today.
Ripple made an initial break below its 10 day Simple Moving Average at $0.507, a possible indication of a forthcoming negative trend. Ripple pushed below the $0.511 support level and extended 2 cents beyond it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ripple 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, TRON draws back 4.05% to trade around $0.064. Dogecoin is down to $0.082, losing $0.002, after closing at $0.084 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54%.
XRP has managed to gain 52.03% so far this year despite trading at lows around $0.307 previously. XRP has a market cap of 26.30 billion with an average daily volume of 1.78 billion.