XRP weakened earlier in the day, before moving away from its $0.364 low and recovering back to $0.372.
As the trading day comes to an end, chart analysis indicates although Ripple is pointing down today (was as low as $0.364), it's climbing away from the $0.364 support line and is now 1 cents above it. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $0.367 currently serving as support. If price action breaks below, the next Fib hurdle is $0.36. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $0.368, a low enough level to, generally, suggest that XRP is trading below its fair value.
Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Binance Coin closed at $294.28 (down 5.82%).
Other assets are showing positive performances as FTX Token is up 9.54%. Having closed the previous session at $0.064, TRON is up 2.76% today to currently trade at around $0.066.
Approximately 10 months ago, XRP reached a significant high of $0.863 but has struggled to hold onto its gains and declined 56.54% since then. Ripple is currently trading with a market cap of 18.92 billion with an average daily volume of 156.11 million.