XRP sheds $0.014 to trade around $0.435

XRP drops $0.014 early on and steadies around the $0.435 level.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Ripple has just crossed the lower Bollinger Band® at $0.444, indicating further losses could be forthcoming.

In the short term, Ripple is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, EOS draws back 3.16% to trade around $0.936. Bitcoin Cash retreats 2.74% to trade around $113.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

This year has been a bright one for Ripple after trading as low as $0.307 and going on to appreciate by 35.48% year to date. Ripple has a market cap of 22.57 billion with an average daily volume of 1 billion.