XRP sheds $0.005 to trade around $0.361

XRP is grinding lower from $0.366 to $0.361, shedding $0.005 (1.48%) today.

Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.359. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Ripple peaked above its 3 day Simple Moving Average around $0.369 — typically an early indicator of a new bullish trend beginning to emerge. XRP's lower Bollinger Band® is at $0.359, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems XRP —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43. EOS closed at $0.986 (down 1.23%).

Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.

Ripple is now trading 57.56% below the significant high of $0.863 it set around 11 months ago. Ripple is currently trading with a market cap of 18.39 billion with an average daily volume of 999.92 million.