Bearish XRP currently $0.001 lower after trading as high as $0.393

Ripple recovering almost all the way back to $0.392 today, after dipping down to $0.384.

Ripple made an initial break below its 50 day Simple Moving Average at $0.387, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Ripple's upper Bollinger Band® is at $0.413 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 1 cents away from $0.384. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ripple to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ripple is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Solana is down to $23.58, losing $1.38, after closing at $24.96 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. Tezos USD goes up 6.75% to trade around $1.3.

Ripple has fallen back around 54.62% from the significant high of $0.863 set 10 months ago. Ripple has a market cap of 19.91 billion with an average daily volume of 552.44 million.