Ripple gains positive traction for a 5th successive day

Currently trading at $0.51, Ripple remains range-bound between $0.5 and $0.513.

Ripple made an initial breakout above its 5 day Simple Moving Average at $0.504, a potential indicator of a newly emerging bullish phase. In contrast, XRP price action is currently oscillating around the $0.513 resistance level with prices moving above and below several times during the session.

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.

Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36.

Meanwhile, after ending today's session at $0.085, Dogecoin lost $0.002 and is trading around $0.083. Tezos USD is down to $1.09, losing $0.042, after closing at $1.14 in the preceding trading session.

XRP now trading 48.04% above its 3-month low of $0.307. Ripple has a market cap of 26.38 billion with an average daily volume of 1.97 billion.