XRP sheds $0.002 to trade around $0.477

XRP remains range-bound within a $0.475 to $0.478 range but falls to $0.477 in choppy trade.

Ripple made an initial break below its 3 day Simple Moving Average at $0.473, a possible indication of a forthcoming negative trend. On the other hand, note that Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.475. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts XRP to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the XRP is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Tezos USD is down to $1, losing $0.027, after closing at $1.03 in the preceding trading session.

Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36. UNICORN Token USD gained 1.62% and is now trading at $6.47.

XRP has gained 41.4% since its lowest print of $0.307 earlier this year. XRP is currently trading with a market cap of 24.66 billion with an average daily volume of 1.14 billion.