Ripple slumps $0.009 following previous session close at $0.469

After closing at $0.469 today, Ripple opened today at $0.469, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Ripple retains a distinct $0.459 to $0.471 daily range.

Ripple made an initial break below its 3 day Simple Moving Average at $0.468, a possible indication of a forthcoming negative trend. Ripple's upper Bollinger Band® is at $0.481 which indicates a further downward move may follow. In contrast, Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.465. Dipping below could be an indication that further losses are ahead.

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 Ripple 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 $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.

Other assets are showing positive performances as FTX Token is up 9.54%. TRON is up 4.08%.

Having set a significant high of $0.543 a month ago, XRP is trading 13.62% lower. Ripple is currently trading with a market cap of 23.83 billion with an average daily volume of 876.15 million.