Bearish XRP currently $0.006 lower after trading as low as $0.42

XRP is grinding lower from $0.428 to $0.422, shedding $0.006 (1.32%) today.

Trend-following investors would be interested to note that Ripple made an initial break below its 5 day Simple Moving Average at $0.425, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that XRP's lower Bollinger Band® is at $0.405, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that XRP could begin to recover as it approaches significant support, now 1 cents away from $0.423. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests XRP has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $87.12, Litecoin is up 2.6% today to currently trade at around $89.39.

Over the past a month, Ripple has retreated 21.18% from a noteworthy peak of $0.543. Ripple has a market cap of 21.89 billion with an average daily volume of 903 million.