Ripple gets off to a weak start; down 0.27% this morning to $0.366

XRP recovering almost all the way back to $0.367 today, after dipping down to $0.362.

As the day gets underway, chart analysis suggests Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.366. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Ripple's lower Bollinger Band® is at $0.363, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

All in all, the technical analysis suggests Ripple has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Algorand USD retreats 1.88% to trade around $0.222.

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

XRP reached a significant high of $0.863 around 11 months ago but has lost 57.48% since then. Ripple has a market cap of 18.65 billion with an average daily volume of 879.85 million.