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June 24, 2023XRP drops from $0.496 to $0.487, losing $0.009 (1.74%) today.
As the trading day comes to an end, chart analysis indicates Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.491. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that Ripple made an initial break below its 10 day Simple Moving Average at $0.491, a possible indication of a forthcoming negative trend. Fibonacci-minded traders witnessed a key Fib level of $0.479 holding firm – an indicator of highly concentrated demand around this level. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $0.466, a low enough level to, generally, suggest that XRP is trading below its fair value.
Notwithstanding XRP's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Binance Coin is down to $235.87, losing $8.34, after closing at $244.21 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $181.14, Bitcoin Cash is up 5.63% today to currently trade at around $191.35.
XRP has gained 48.47% since its lowest print of $0.311 earlier this year. Ripple has a market cap of 25.46 billion with an average daily volume of 1.30 billion.
