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February 28, 2023
XRP is grinding lower from $0.379 to $0.374, shedding $0.005 (1.33%) today.
As the day gets underway, chart analysis suggests Ripple fell below the $0.374 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.37. Trend-focused traders would be interested to note that Ripple made an initial break below its 3 day Simple Moving Average at $0.377, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.372 currently serving as support. If price action breaks below, the next Fib hurdle is $0.367. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.368, a low enough level to, generally, suggest that Ripple is trading below its fair value.
Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
At the same time, TRON trades close to $0.07, with no major change.
Ripple has fallen back around 56.11% from the significant high of $0.863 set 10 months ago. Ripple is currently trading with a market cap of 19 billion with an average daily volume of 747.88 million.
