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June 20, 2023
Ripple weakened earlier in the day, before moving away from its $0.474 low and recovering back to $0.491.
Technical analysis trend indicators suggest that Ripple made an initial break below its 50 day Simple Moving Average at $0.478, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.479 currently serving as support. If price action breaks below, the next Fib hurdle is $0.465. Asset volatility analysis shows that XRP's lower Bollinger Band® is at $0.468, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.487. Dipping below could be an indication that further losses are ahead.
Notwithstanding Ripple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36. Having closed the previous session at $26,800, Bitcoin is up 4.91% today to currently trade at around $28,133. Avalanche goes up 5% to trade around $12.03.
The past 3 months have been positive for Ripple as it added 32.54% compared to its 3-month low of $0.311. XRP has a market cap of 25.55 billion with an average daily volume of 1.34 billion.
