After ending today at $0.384, Ripple ascended as high as $0.389 before meeting resistance. Undeterred, Ripple posted a fresh rally late in the trading session targeting $0.385.
Ripple made an initial breakout above its 200 day Simple Moving Average at $0.389, a potential indicator of a newly emerging bullish phase. XRP's lower Bollinger Band® is at $0.365, indicating that the market is oversold and fertile for new buyers. In contrast, Ripple could be slowing down soon as it approaches resistance at $0.393. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts XRP to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ripple is expected to pick up significant bullish sentiment in the coming days.
Meanwhile, after ending today's session at $1.39, FTX Token lost $0.048 and is trading around $1.34. After ending today's session at $76.96, Litecoin lost $1.4 and is trading around $75.56. After ending today's session at $1.69, NEAR Protocol lost $0.046 and is trading around $1.65.
Approximately 11 months ago, XRP reached a significant high of $0.99 but has struggled to hold onto its gains and declined 61.23% since then. XRP is currently trading with a market cap of 19.36 billion with an average daily volume of 7.36 million.