End of rally? After three days of gains, Ripple is down $0.004 today

After closing at $0.526 today, XRP opened today at $0.526, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, XRP retains a distinct $0.509 to $0.561 daily range.

Ripple made an initial break below its 10 day Simple Moving Average at $0.524, a possible indication of a forthcoming negative trend. XRP's upper Bollinger Band® is at $0.552 which indicates a further downward move may follow. XRP could begin to recover as it approaches significant support, now 1 cents away from $0.516. 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 XRP is expected to attract significant bearish sentiment in the coming days.

Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36. Binance Coin is up 4.37%. Bitcoin Cash gained 3.06% and is currently trading at $105.84.

Ripple now trading 41.33% above its 3-month low of $0.307. XRP has a market cap of 27.12 billion with an average daily volume of 1.19 billion.