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April 23, 2023
After closing at $0.472 today, Ripple opened today at $0.472, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Ripple retains a distinct $0.466 to $0.472 daily range.
Ripple could begin to recover as it approaches significant support, now 2 cents away from $0.448. 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 5 day Simple Moving Average around $0.467 — typically an early indicator of a new bullish trend beginning to emerge. Ripple's lower Bollinger Band® is at $0.453, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. On the other hand, note that price action remains constrained around the key Fibonacci level of $0.471 currently serving as support. If price action breaks below, the next Fib hurdle is $0.453.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Ripple is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.392 (down 0.97%).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $0.066, TRON is up 1.26% today to currently trade at around $0.067.
This year has been a bright one for XRP after trading as low as $0.307 and going on to appreciate by 31.7% year to date. XRP is currently trading with a market cap of 24.25 billion with an average daily volume of 1.16 billion.
