Is it the end of Ripple's rally? After three days of gains, it is down by 1.77% today

Struggling to find upward momentum, XRP has shed $0.009 to currently trade at $0.496 as it ranges between $0.496 and $0.505 so far today.

Ripple made an initial break below its 3 day Simple Moving Average at $0.503, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.5 currently serving as support. If price action breaks below, the next Fib hurdle is $0.484. Despite this, XRP could begin to recover as it approaches significant support, now 1 cents away from $0.495. Dipping below could be an indication that further losses are ahead.

In the short term, Ripple is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Cardano is down to $0.379, losing $0.013, after closing at $0.392 in the preceding trading session. Dogecoin is down to $0.09, losing $0.002, after closing at $0.092 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.

The past 3 months have been positive for XRP as it added 49.21% compared to its 3-month low of $0.307. Ripple is currently trading with a market cap of 25.64 billion with an average daily volume of 1.95 billion.