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July 03, 2023
Ripple posts light gains on a low-volatility day, ranging between $0.48 – $0.491 and is now at $0.489.
Ripple made an initial breakout above its 50 day Simple Moving Average at $0.488, a potential indicator of a newly emerging bullish phase. On the other hand, note that Ripple is 1 cents away from testing key resistance at $0.493. Peaking above this level could inspire market bulls and open the path to further gains. Ripple's upper Bollinger Band® is at $0.503, this is a slight indication of a slowdown.
According to technical analysis, it looks as if Ripple likely to continue pointing upward in the short term.
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, Litecoin closed at $106.43 (down 5.88%). After ending today's session at $298.69, Bitcoin Cash lost $14.12 and is trading around $284.57.
This year has been a bright one for Ripple after trading as low as $0.311 and going on to appreciate by 42.86% year to date. XRP is currently trading with a market cap of 25.54 billion with an average daily volume of 1 billion.
