Losing streak continues, Ripple lost $0.012 to $0.453 adding to its six consecutive days of drops

Ripple is grinding lower from $0.465 to $0.453, shedding $0.012 (2.55%) today.

Chart analysis indicates Ripple reversed direction at $0.461 support zone and climbed 1 cents above it. With regards to technical trend indicators, chart analysis show that Ripple made an initial break below its 3 day Simple Moving Average at $0.464, a possible indication of a forthcoming negative trend. Ripple bounced $0.001 away from Fibonacci support at $0.453. Analysis based on the asset volatility indicates that Ripple's lower Bollinger Band® is at $0.432, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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

In the meantime, negative performances are also seen in other markets, Cardano is down $0.011 from the beginning of the session and now trades around $0.381. Solana is trading around $21.43 (down $0.8).

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

Ripple has managed to gain 36.95% so far this year despite trading at lows around $0.307 previously. Ripple has a market cap of 23.45 billion with an average daily volume of 1.12 billion.