XRP weakened earlier in the day, before moving away from its $0.493 low and recovering back to $0.5.
Following today's trading session, chart analysis suggests Ripple could begin to recover as it approaches significant support, now 3 cents away from $0.471. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as XRP price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, XRP's upper Bollinger Band® is at $0.496 which indicates a further downward move may follow.
Notwithstanding XRP's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, FTX Token closed at $24.59 (down 3.62%).
Other assets are showing positive performances as Solana is up 7.66%. Having closed the previous session at $67.6, Litecoin is up 3.06% today to currently trade at around $69.67.
Ripple reached a significant high of $1.29 around 11 months ago but has lost 60.63% since then. XRP is currently trading with a market cap of 25.11 billion with an average daily volume of 5.77 million.