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March 05, 2023
After closing at $0.374 today, Ripple began today at $0.374 with significant bullish sentiment driving Ripple's price action higher. So far today, price action has drawn out a distinct $0.373 to $0.377 range.
Ripple made an initial breakout above its 5 day Simple Moving Average at $0.375, a potential indicator of a newly emerging bullish phase. XRP's lower Bollinger Band® is at $0.366, indicating that the market is oversold and fertile for new buyers. Despite this, Ripple could be slowing down soon; it is getting close to the resistance line and is now at $0.378, 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 jumps 9.54% to trade around $1.36. Cosmos USD climbs 3.03% to trade around $12.2.
Meanwhile, UNICORN Token USD is trading around $6.43 (down $0.197).
11 months ago XRP reached a significant high of $0.863 but has consequently lost 56.73% since then. XRP has a market cap of 19 billion with an average daily volume of 898.12 million.
