XRP drops from $0.351 to $0.338, losing $0.013 (3.58%) today.
Concerning technical analysis and more specifically, trend indicators, 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. Ripple bounced $0.005 away from Fibonacci support at $0.333. According to asset volatility analysis, XRP's lower Bollinger Band® is at $0.346, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates XRP fell below the $0.346 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.342.
Overall, the technical outlook suggests XRP 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, after ending today's session at $0.079, Dogecoin lost $0.006 and is trading around $0.072. FTX Token closed at $0.942 (down 9.59%). Algorand USD is down to $0.178, losing $0.011, after closing at $0.189 in the preceding trading session.
Approximately 11 months ago, XRP reached a significant high of $0.99 but has struggled to hold onto its gains and declined 64.56% since then. XRP has a market cap of 17 billion with an average daily volume of 6 million.