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July 01, 2023A mostly flat day so far for Ripple, ranging between $0.466 and $0.475; currently at $0.473.
As the trading day comes to an end, chart analysis indicates Ripple is approaching key support, around 1 cents away from $0.468. 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. With regards to technical trend indicators, chart analysis show that Ripple made an initial breakout above its 5 day Simple Moving Average at $0.475, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $0.468 currently serving as support. If price action breaks below, the next Fib hurdle is $0.452. According to asset volatility analysis, Ripple's upper Bollinger Band® is at $0.5, suggesting that a downward move may follow.
Overall, technical indicators suggest XRP has no obvious direction for the immediate future.
While XRP is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. Bitcoin Cash is down $16.44 from the beginning of the session and now trades around $290.27. Having closed the previous session at $240.42, Binance Coin is up 2.87% today to currently trade at around $247.33.
This year has been a bright one for XRP after trading as low as $0.311 and going on to appreciate by 41.13% year to date. XRP has a market cap of 24.71 billion with an average daily volume of 1 billion.
