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June 18, 2023Tentatively higher from an earlier low of $0.477, Ripple is up to $0.487 today, adding $0.007, or 1.56%, to today's closing price of $0.479.
As the trading day comes to an end, chart analysis indicates Ripple could be slowing down soon; it is getting close to the resistance line and is now at $0.487, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend analysis indicates that despite posting gains so far today, Ripple slid below its 50 day Simple Moving Average at $0.476 in earlier trade — an early indicator that a negative trend could be emerging. Price action remains constrained around the key Fibonacci level of $0.495 currently serving as resistance. If broken, the next Fib hurdle is expected to be $0.505. Analysis based on the asset volatility indicates that XRP's lower Bollinger Band® is at $0.469, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Meanwhile, after ending today's session at $8.91, Cosmos USD lost $0.312 and is trading around $8.59. TRON stumbles 1.97% to trade around $0.07.
Ripple now trading 28.4% above its 3-month low of $0.307. XRP is currently trading with a market cap of 25.32 billion with an average daily volume of 1.34 billion.
