Ripple fails break into $0.75: XRP once again to fall below $0.7?

Ripple price analysis for Feb 23, 2022 confirms that the token failed to break above the $0.75 price resistance and it can be said that there are chances that the token might fall back to the $0.7 price level. Furthermore, we saw in our XRP price analysis for Feb 22 that $0.7 was held as support. It seems that the $0.7 price zone is an interesting place for XRP.

The data from CoinMarketCap shows that the trading volume of the token has declined by a whopping 45.28% while the market cap of the token has surged by around 4.40% in the last 24 hours. The Volume / Market Cap Ratio currently has a value of 0.06778 while the Market Dominance rests at 2.06%. 

The daily candle for Ripple opened at a price of $0.72 and reached a daily high of $0.74. Moreover, the daily high for the token stands at a price of $0.7047. It is also important to note that the current price of the token is $0.7420, just below the resistance of $0.75.

Ripple price analysis for Feb 23 on the daily chart

The Ripple price analysis on the daily chart will use 3 important indicators for our XRP price trajectory prediction for the near future.

Source: TradingView

The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange) which means that the conditions are bearish for the token. The MACD histogram is also bearish. 

The RSI indicator reads a value of 48.50 and the gradient of the RSI line for Ripple is positive. This means that in the near future, we might witness higher prices for the XRP token. 

The price action has rebounded from the lower end of the Bollinger Bands and now hopes to enter the bullish zone after successfully testing the middle zone of the Bands. 

Conclusion

Ripple price analysis for Feb 23 confirms that if XRP is not able to break above $0.75, a retracement is possible towards $0.70.