Ripple goes up to $0.395 after dipping down to $0.379 earlier.
Ripple is 1 cents away from testing key resistance at $0.395. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains so far today, Ripple slid below its 5 day Simple Moving Average at $0.387 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.407, thereby suggesting that Ripple is becoming overvalued.
Examining the technical analysis landscape, XRP is likely to reverse course and start pointing downward in the short term.
Ripple shows positive signs, other assets are also on par: Bitcoin ascends 3.88% to trade around $17,900. Ethereum rises 4.86% to trade around $1,338.
Meanwhile, FTX Token is down $0.093 from the beginning of the session and now trades around $1.4.
XRP is now trading 60.86% below the significant high of $0.99 it set around 11 months ago. XRP has a market cap of 19.90 billion with an average daily volume of 6.61 million.