Ripple cryptocurrency trades up $0.006, approximately 1.41% higher this afternoon

Tentatively higher from an earlier low of $0.418, XRP is up to $0.427 today, adding $0.006, or 1.41%, to today's closing price of $0.421.

Ripple made an initial breakout above its 5 day Simple Moving Average at $0.425, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $0.426 currently serving as resistance. If broken, the next Fib hurdle is expected to be $0.453. XRP's lower Bollinger Band® is at $0.414, indicating that the market is oversold and fertile for new buyers. In contrast, Ripple broke through the $0.428 resistance and climbed 1 cents above it.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts XRP to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the XRP is expected to pick up significant bullish sentiment in the coming days.

Ripple shows positive signs, other assets are also on par: FTX Token surges 9.54% to trade around $1.36.

At the same time, Bitcoin is trading around $26,342 (down $658.43). Litecoin is trading around $78.56 (down $2.49).

Having set a significant high of $0.543 a month ago, XRP is trading 22.36% lower. Ripple has a market cap of 22.15 billion with an average daily volume of 989.43 million.