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April 17, 2023
Ripple weakened earlier in the day, before moving away from its $0.512 low and recovering back to $0.514.
Ripple pushed below the $0.519 support level and extended 1 cents beyond it. XRP made an initial break below its 21 day Simple Moving Average at $0.513, a possible indication of a forthcoming negative trend. Ripple's upper Bollinger Band® is at $0.535 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts XRP to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the XRP is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $30,300, Bitcoin lost $768.66 and is trading around $29,531.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36. Dogecoin increases 3.09% to trade around $0.093.
Ripple has managed to gain 54.44% so far this year despite trading at lows around $0.307 previously. Ripple has a market cap of 26.60 billion with an average daily volume of 1.55 billion.
