In a range-bound session favoring short positions, Ripple remains constrained in a $0.41 to $0.42 range and is currently trading close to $0.41.
Ripple made an initial break below its 10 day Simple Moving Average at $0.409, a possible indication of a forthcoming negative trend. XRP's upper Bollinger Band® is at $0.428 which indicates a further downward move may follow. Despite this, Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.408. Dipping below could be an indication that further losses are ahead.
In the short term, Ripple is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Dogecoin is trading around $0.088 (down $0.002).
Other assets are showing positive performances as UNICORN Token USD is up 2,582,361%. FTX Token is up 9.54%.
Ripple has managed to gain 21.38% so far this year despite trading at lows around $0.307 previously. XRP has a market cap of 20.85 billion with an average daily volume of 6.22 million.