Ripple set for weak finish today; down 6.41% to $0.5 with 4 hours before close

Late into the session, Ripple loses $0.036 (6.41%), currently trading at $0.5.

Ripple made an initial break below its 10 day Simple Moving Average at $0.512, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.494 currently serving as support. If price action breaks below, the next Fib hurdle is $0.48. Ripple fell below the $0.524 support zone and moved 2 cents beyond it; the next level of support with significant buyer interest is estimated at $0.509.

Overall, looking at the technical analysis landscape, it seems XRP is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other markets, Binance Coin is down to $276, losing $28.7, after closing at $304.7 in the preceding trading session. EOS dips 8.5% to trade around $0.834. Dogecoin is down to $0.067, losing $0.006, after closing at $0.072 in the preceding trading session.

The past 3 months have been positive for Ripple as it added 43.93% compared to its 3-month low of $0.307. XRP is currently trading with a market cap of 26 billion with an average daily volume of 982.67 million.