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June 07, 2023XRP slides down from $0.529 to $0.52 today, losing $0.009 (1.77%).
Ripple made an initial break below its 10 day Simple Moving Average at $0.518, a possible indication of a forthcoming negative trend. XRP's upper Bollinger Band® is at $0.551 which indicates a further downward move may follow. Despite this, XRP could begin to recover as it approaches significant support, now 1 cents away from $0.506. Dipping below could be an indication that further losses are ahead.
In the short term, XRP is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.323 (down 8.38%). Binance Coin closed at $260.27 (down 7.37%). Algorand USD falls 7.86% to trade around $0.126.
Ripple now trading 37.86% above its 3-month low of $0.307. Ripple has a market cap of 27 billion with an average daily volume of 1 billion.
