Is it the end of Ripple's rally? After seven days of gains, it is down by 1.78% today

XRP is grinding lower from $0.522 to $0.512, shedding $0.009 (1.78%) today.

Ripple made an initial break below its 3 day Simple Moving Average at $0.514, a possible indication of a forthcoming negative trend. XRP's upper Bollinger Band® is at $0.523 which indicates a further downward move may follow. Despite this, Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.5. 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 XRP.

In the meantime, negative performances are also seen in other markets, after ending today's session at $27,700, Bitcoin lost $631.33 and is trading around $27,069. Litecoin goes down 3.03% to trade around $89.5.

Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.

The past 3 months have been positive for XRP as it added 39.15% compared to its 3-month low of $0.307. Ripple is currently trading with a market cap of 26.63 billion with an average daily volume of 916.18 million.