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July 04, 2023
Without a clear-cut direction, XRP is trading around $0.489 and ranging between $0.483 and $0.493.
Ripple made an initial break below its 50 day Simple Moving Average at $0.488, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.485 currently serving as support. If price action breaks below, the next Fib hurdle is $0.473. Ripple's upper Bollinger Band® is at $0.503, suggesting that a downward move may follow. On the other hand, note that XRP is approaching key support, around 1 cents away from $0.483. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Ripple is positioned for a downward move in the near term.
Other markets show mixed performance as FTX Token is up 9.54%. Bitcoin Cash is down to $274.82, losing $15.59, after closing at $290.41 in the preceding trading session. After ending today's session at $0.767, EOS lost $0.022 and is trading around $0.745.
This year has been a bright one for Ripple after trading as low as $0.311 and going on to appreciate by 44.07% year to date. Ripple is currently trading with a market cap of 25.56 billion with an average daily volume of 1 billion.
