Tough start for Ripple this morning following 1.27% decline; now at $0.379

Ripple weakened earlier in the day, before moving away from its $0.378 low and recovering back to $0.379.

Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, Ripple peaked above its 10 day Simple Moving Average around $0.384 — typically an early indicator of a new bullish trend beginning to emerge. According to asset volatility analysis, Ripple's upper Bollinger Band® is at $0.4 which indicates a further downward move may follow. As the trading day commences, technical analysis suggests XRP could begin to recover as it approaches significant support, now 1 cents away from $0.376. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests XRP has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). EOS closed at $1.19 (down 1.79%).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Having soared to a high of $0.863 approximately 11 months ago, Ripple is now trading 55.56% lower. XRP has a market cap of 19.30 billion with an average daily volume of 841.59 million.