XRP cryptocurrency trades up $0.001, approximately 0.32% higher this afternoon

Currently trading at $0.427, XRP remains range-bound between $0.423 and $0.43.

Ripple made an initial breakout above its 5 day Simple Moving Average at $0.427, a potential indicator of a newly emerging bullish phase. Ripple's lower Bollinger Band® is at $0.407, indicating that the market is oversold and fertile for new buyers. In contrast, Ripple 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.

Examining the technical analysis landscape, XRP might continue its downtrend in the short term.

Other markets are also showing gains as FTX Token is up 9.54%. Litecoin is up 5.37% to $88.13. Bitcoin Cash increases 2.3% to trade around $118.04.

Ripple is now trading 21.56% below the significant high of $0.543 it set around a month ago. XRP has a market cap of 22.14 billion with an average daily volume of 933.68 million.