XRP cryptocurrency trades up $0.003, approximately 0.88% higher this afternoon

After closing at $0.37 today, Ripple began today at $0.37 with significant bullish sentiment driving Ripple's price action higher. So far today, price action has drawn out a distinct $0.368 to $0.374 range.

Ripple made an initial breakout above its 5 day Simple Moving Average at $0.37, a potential indicator of a newly emerging bullish phase. XRP's lower Bollinger Band® is at $0.363, indicating that the market is oversold and fertile for new buyers. Despite this, XRP price action is currently oscillating around the $0.37 resistance level with prices moving above and below several times during the session.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Ripple to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ripple is expected to pick up significant bullish sentiment in the coming days.

XRP shows positive signs, other assets are also on par: FTX Token is up 9.54%.

Meanwhile, EOS is down $0.035 from the beginning of the session and now trades around $1.18. Algorand USD closed at $0.219 (down 2.98%).

Ripple is now trading 57.13% below the significant high of $0.863 it set around 11 months ago. Ripple has a market cap of 19 billion with an average daily volume of 881.63 million.