Ripple is range-bound between $0.4 and $0.409 today after shedding $0.006 and closing at $0.409 today.
Ripple made an initial break below its 3 day Simple Moving Average at $0.4, a possible indication of a forthcoming negative trend. XRP formed a session range of $0.4 to $0.409 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $0.4. XRP's upper Bollinger Band® is at $0.418 which indicates a further downward move may follow. In contrast, XRP could begin to recover as it approaches significant support, now 1 cents away from $0.397. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for XRP.
In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.105, losing $0.003, after closing at $0.107 in the preceding trading session. After ending today's session at $79.25, Litecoin lost $1.75 and is trading around $77.51. After ending today's session at $1.34, FTX Token lost $0.018 and is trading around $1.32.
Ripple is now trading 59.85% below the significant high of $1 it set around a year ago. XRP has a market cap of 20.24 billion with an average daily volume of 9.44 million.