Ripple cryptocurrency trades up $0.007, approximately 1.75% higher this afternoon

After dipping down to $0.374, Ripple regains earlier losses and goes up to $0.388.

Ripple made an initial breakout above its 21 day Simple Moving Average at $0.382, a potential indicator of a newly emerging bullish phase. XRP is currently trading around the $0.385 Fibonacci resistance level. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.4, thereby suggesting that Ripple is becoming overvalued. Ripple could be slowing down soon as it approaches resistance at $0.384. Of course, crossing it might suggest further gains are ahead.

According to technical analysis, it looks as if XRP likely to continue pointing upward in the short term.

Other markets are also showing gains as FTX Token is up 9.54%.

Meanwhile, Solana is trading around $19.29 (down $0.988). Tezos USD closed at $1.07 (down 3.58%).

Having set a significant high of $0.863 11 months ago, Ripple is trading 55.88% lower. Ripple is currently trading with a market cap of 19.75 billion with an average daily volume of 894 million.