XRP ended the previous session at $0.506; currently trading at $0.504

After closing at $0.506 today, XRP opened today at $0.506, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, XRP retains a distinct $0.5 to $0.507 daily range.

Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.5. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, XRP peaked above its 10 day Simple Moving Average around $0.506 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems XRP might start pointing upward in the short term.

The past 3 months have been positive for Ripple as it added 44.86% compared to its 3-month low of $0.307. XRP has a market cap of 26 billion with an average daily volume of 1.93 billion.