XRP sheds $0.001 to trade around $0.457

XRP recovering almost all the way back to $0.458 today, after dipping down to $0.452.

Support/Resistance levels obtained from chart analysis indicate that Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.454. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, XRP peaked above its 5 day Simple Moving Average around $0.463 — typically an early indicator of a new bullish trend beginning to emerge. XRP bounced $0.008 away from Fibonacci support at $0.449. Asset volatility analysis shows that Ripple's upper Bollinger Band® is at $0.479 which indicates a further downward move may follow.

Notwithstanding Ripple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36. TRON is up 4.73%. Binance Coin is up 1.05%.

Approximately a month ago, XRP reached a significant high of $0.543 but has struggled to hold onto its gains and declined 15.55% since then. Ripple is currently trading with a market cap of 23.72 billion with an average daily volume of 872.90 million.