XRP down $0.008 reaching $0.471, for its 5th straight negative day

XRP weakened earlier in the day, before moving away from its $0.459 low and recovering back to $0.471.

Ripple made an initial break below its 50 day Simple Moving Average at $0.477, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.465 currently serving as support. If price action breaks below, the next Fib hurdle is $0.448. A crossing of the lower Bollinger Band® at $0.471 suggests further losses may follow for XRP. In contrast, XRP could begin to recover as it approaches significant support, now 1 cents away from $0.469. Dipping below could be an indication that further losses are ahead.

Looking forward, XRP is poised to extend its strong downtrend and continue declining.

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. Bitcoin climbs 2.97% to trade around $26,279. Having closed the previous session at $104.56, Bitcoin Cash is up 3.17% today to currently trade at around $107.87.

The past 3 months have been positive for XRP as it added 30.14% compared to its 3-month low of $0.307. XRP is currently trading with a market cap of 24.47 billion with an average daily volume of 1.34 billion.