Bearish XRP currently $0.006 lower after trading as low as $0.425

XRP drops from $0.431 to $0.425, losing $0.006 (1.33%) today.

With regards to technical trend indicators, chart analysis show that Ripple made an initial break below its 5 day Simple Moving Average at $0.426, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.412, a low enough level to, generally, suggest that Ripple is trading below its fair value. Technical analysis of XRP's past price action reveals multiple support and resistance levels: Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.415. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates XRP will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Bitcoin Cash draws back 1.76% to trade around $112.95. UNICORN Token USD decreases 2.98% to trade around $6.43.

Other assets are showing positive performances as FTX Token is up 9.54%.

Approximately a month ago, XRP reached a significant high of $0.543 but has struggled to hold onto its gains and declined 20.61% since then. XRP has a market cap of 22 billion with an average daily volume of 976.67 million.