Ripple sheds $0.001 to trade around $0.461

Struggling to find upward momentum, Ripple has shed $0.001 to currently trade at $0.461 as it ranges between $0.46 and $0.467 so far today.

Technical analysis of XRP's past price action reveals multiple support and resistance levels: Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.451. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that despite being in the red so far in the current trading session, Ripple peaked above its 5 day Simple Moving Average around $0.463 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Ripple's upper Bollinger Band® is at $0.479 which indicates a further downward move may follow.

Overall, while Ripple has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36. Having closed the previous session at $26,854, Bitcoin is up 1.7% today to currently trade at around $27,300. Binance Coin ascends 1.7% to trade around $314.51.

A month ago XRP reached a significant high of $0.543 but has consequently lost 14.91% since then. Ripple has a market cap of 23.92 billion with an average daily volume of 872 million.