XRP drops $0.004 early on and steadies around the $0.382 level.
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's upper Bollinger Band® is at $0.404 which indicates a further downward move may follow. On the other hand, note that Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.376. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, Ripple is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, Bitcoin closed at $17,433 (down 2.16%). Ethereum slumps 2.82% to trade around $1,272.53. Litecoin is down to $73.55, losing $1.88, after closing at $75.44 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 61% since then. XRP is currently trading with a market cap of 19.27 billion with an average daily volume of 6.60 million.