| 
April 20, 2023After closing at $0.492 today, Ripple began today at $0.492 with significant bullish sentiment driving Ripple's price action higher. So far today, price action has drawn out a distinct $0.489 to $0.5 range.
Visual analysis of Ripple's chart shows that Ripple is 3 cents away from testing key resistance at $0.522. Peaking above this level could inspire market bulls and open the path to further gains. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $0.5 currently serving as resistance Asset volatility analysis shows that Ripple's lower Bollinger Band® is at $0.488, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.
XRP shows positive signs, other assets are also on par: FTX Token gained 9.54% and is currently trading at $1.36. Dogecoin gained 4.29% and is now trading at $0.092. TRON is up 1.31%.
Ripple has managed to gain 45.64% so far this year despite trading at lows around $0.307 previously. Ripple has a market cap of 25.52 billion with an average daily volume of 1.28 billion.
