The current price of Ripple - at $2.9293 - marks an increase of 2.48% compared to the opening price of $2.8584, forming a moderate trading range with an upper limit of $2.9409 and a lower limit of $2.8459.
The daily trading range of 3.2% shows moderate volatility, which is common during correction waves despite the announcement of important partnerships. Similarly, the Relative Strength Index (RSI) reading remained neutral at 46.01, indicating that the currency enjoys balanced momentum.
The moving averages reveal a clear divergence, as Ripple is traded below the 20-day Exponential Moving Average (EMA-20) at $3.0229 by more than 3.1% and below the 50-day EMA at $2.9463 by over 0.6%, while it maintained its position above the support level of the 100-day Exponential Moving Average (EMA-100) positioned at $2.7567 by a margin of 5.9% and the 200-day EMA at $2.4857 by a margin of 15.2%.
While the stable reading of the MACD indicator's trend line below zero at -0.0248 and its signal counterpart at -0.0276 indicates a slightly downward leaning position, suggesting mild bearish momentum with the potential for stabilization.
The analysis of trading volumes shows exceptional activity of 84.46 million Ripple coins, indicating strong institutional participation during the announcement of the partnership launch with Mastercard. The Average True Range (ATR) indicator maintained high readings at 2.3507, indicating continued volatility, possibly paving the way for a rebound once the correction wave ends. Ripple enjoys a large market value equivalent to $174.3 billion despite its decline of about 0.86% during the partnership launch stages, and the stability of its market value accompanies a decline in trading volumes of about 8.48% to $7.3 billion, suggesting a cautious institutional response to the developments of the new partnership with Mastercard. Meanwhile, reaching a trading volume rate to its market value of 4.18% indicates healthy trading activity that supports price stability during major triggering events.
The circulating supply of 59.48 billion Ripple coins represents about 59.5% of its maximum supply of 100 billion XRP, with carefully managed issuance of the supply that supports the economic data of the blockchain during the phases of expanding the partnership.
The dominance of Ripple's market cap at 4.57% - with a slight increase of over 0.09% - shows that the currency enjoys strength compared to other currencies in the sector.
Additionally, the market value of the entire supply of the currency - estimated at about $293.3 billion - reflects the total value of the blockchain, including the supply expected to be issued in the future.
The current price of Ripple represents a decline of more than 23.66% compared to the record level set in 2018 at $3.84, but it represents exceptional gains of 104,564% compared to the lowest levels recorded in 2014, which proves the validity of Ripple's institutional partnership approach despite its price undergoing a correction wave that pushed it to stabilize below the nearest resistance barriers.
