Ripple falls below $0.7: Time to HODL and buy more?

Ripple price analysis for Feb 24, 2022, confirms that the token fell more than 8% in the last 24 hours and failed to break into the $0.75 price level. The XRP price analysis for Feb 23, 2022, confirmed that the token failed to turn $0.8 into support and, as a result, fell below $0.7. Furthermore, the token even fell below the $0.6 price level and aims to retest the $0.5 price zone. 

The data from CoinmarketCap shows that the trading volume of the token fell 11.67% in the last 24 hours, followed by a 6.38% drop in the market cap. Moreover, the Market Dominance of the token rests at 1.96% while the Volume / Market Cap Ratio stands at a value of 0.08932. 

The daily candle for Ripple opened at a price of $0.6967 and reached a daily high of $0.7037. The $0.7 price level remained a strong resistance and as a result, the token fell to the daily of $0.647. The price of 1 XRP at the time of writing is $0.6511. 

Ripple price analysis for Feb 24 on the daily chart

Ripple price analysis for Feb 24, 2022, can be confirmed on a bearish note for the token, but we can draw a deeper analysis based on the readings from indicators below.

Source: TradingView

The MACD indicator shows that the signal line (orange) has broken above the MACD line (blue) which confirms a bearish divergence. We can expect XRP below the $0.6 price level in the coming days. 

The RSI shows a reading of 39.76 which means that the bears are in control and the chances of Ripple breaking above $0.7 are low. The gradient of the line is negative which means that lower prices are possible. 

The price action is now retesting the lower end of the Bollinger Bands which means that if bears remain in control, a bearish breakout can be witnessed. 

Conclusion

Ripple price analysis for Feb 24, 2022, can be confirmed on a bearish note as the indicators say that the chances of XRP below $0.6 are high.