Ripple is grinding lower from $0.454 to $0.447, shedding $0.007 (1.48%) today.
Visual analysis of Ripple's chart shows that Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.45. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note 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 $0.45 currently serving as support. If price action breaks below, the next Fib hurdle is $0.437. Analysis based on the asset volatility indicates that Ripple's lower Bollinger Band® is at $0.434, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates XRP will remain range-bound for the immediate future.
Ripple is now trading 64.78% below the significant high of $1.29 it set around 11 months ago. Ripple has a market cap of 22.29 billion with an average daily volume of 6.10 million.