Ripple sheds $0.003 to trade around $0.425

Ripple slides down from $0.428 to $0.425 today, losing $0.003 (0.64%).

Chart analysis indicates Ripple could begin to recover as it approaches significant support, now 2 cents away from $0.41. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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. Ripple formed a session range of $0.422 to $0.429 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $0.426. Analysis based on the asset volatility indicates that XRP's lower Bollinger Band® is at $0.426, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Ripple will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD slides down 2.98% to trade around $6.43.

Other assets are showing positive performances as Bitcoin Cash gained 9.51% and is now trading at $121.81. FTX Token rallies 9.54% to trade around $1.36.

Having set a significant high of $0.543 a month ago, XRP is trading 21.11% lower. Ripple has a market cap of 22 billion with an average daily volume of 1 billion.