Bearish Ripple currently $0.009 lower after trading as high as $0.517

Ripple is range-bound between $0.503 and $0.517 today after shedding $0.009 and closing at $0.517 today.

Ripple made an initial break below its 5 day Simple Moving Average at $0.506, a possible indication of a forthcoming negative trend. Ripple's upper Bollinger Band® is at $0.525 which indicates a further downward move may follow. On the other hand, note that XRP could begin to recover as it approaches significant support, now 2 cents away from $0.503. Dipping below could be an indication that further losses are ahead.

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.

In the meantime, negative performances are also seen in other markets, Cardano descends 2.16% to trade around $0.366.

Other assets are showing positive performances as FTX Token is up 9.54%. Litecoin gained 5.25% and is currently trading at $95.3.

The past 3 months have been positive for Ripple as it added 36.69% compared to its 3-month low of $0.307. Ripple is currently trading with a market cap of 26.38 billion with an average daily volume of 955.28 million.