XRP cryptocurrency trades up $0.005, approximately 1.16% higher this afternoon

Ripple posts light gains on a low-volatility day, ranging between $0.423 – $0.43 and is now at $0.43.

Ripple made an initial breakout above its 5 day Simple Moving Average at $0.426, a potential indicator of a newly emerging bullish phase. XRP's lower Bollinger Band® is at $0.411, indicating that the market is oversold and fertile for new buyers. Despite this, XRP could be slowing down soon; it is getting close to the resistance line and is now at $0.43, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts XRP 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.

Other markets are also showing gains as FTX Token rallies 9.54% to trade around $1.36. Litecoin gained 3.09% and is currently trading at $82.75. Bitcoin Cash is up 2.07%.

XRP has fallen back around 21.71% over the past a month, from a notable high of $0.543. Ripple is currently trading with a market cap of 22.28 billion with an average daily volume of 954.27 million.