XRP set for weak finish today; down 2.45% to $0.478 with a hour before close

As the current session draws to a close, XRP remains in the $0.475 – $0.491 range after dropping 2.45%.

Technical analysis trend indicators suggest that Ripple made an initial break below its 50 day Simple Moving Average at $0.482, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.473 currently serving as support. If price action breaks below, the next Fib hurdle is $0.453. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $0.46, a low enough level to, generally, suggest that Ripple is trading below its fair value. As the trading day comes to an end, chart analysis indicates Ripple reversed direction at $0.471 support zone and climbed 1 cents above it.

Overall, the technical outlook suggests Ripple is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.067, Dogecoin lost $0.002 and is trading around $0.064.

Positive performances can be seen by looking at other markets as Bitcoin Cash gained 13.76% and is currently trading at $222.49. FTX Token added 9.54% to its value, now trading at $1.36.

Ripple has gained 44.2% since its lowest print of $0.311 earlier this year. XRP is currently trading with a market cap of 24.99 billion with an average daily volume of 1.20 billion.