Ripple slides down from $0.4 to $0.394 today, losing $0.006 (1.06%).
Ripple made an initial break below its 200 day Simple Moving Average at $0.395, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $0.395, market bears have earmarked $0.374 as the next downside target. In contrast, Ripple's lower Bollinger Band® is at $0.39, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. After reaching the $0.392 support zone, XRP bounced and climbed 1 cents above it.
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 Ripple.
Positive performances can be seen by looking at other markets as UNICORN Token USD is up 2,607,527%. FTX Token leaps up 9.54% to trade around $1.36. Chainlink USD added 5.55% to its value, now trading at $7.53.
Ripple has managed to gain 17.29% so far this year despite trading at lows around $0.307 previously. XRP is currently trading with a market cap of 20 billion with an average daily volume of 2.80 million.