Ripple falls below $0.7: XRP might retrace below $0.6?

Ripple price analysis for Feb 22, 2022, confirms that the world’s sixth-biggest cryptocurrency has turned bearish and has fallen below the important support of $0.7. It is important to note that the chances of the token turning bullish in the coming days are very bleak. As noted in our XRP analysis for Feb 21, the token was unable to reclaim $0.8, which now seems very distant for the token.

The data from CoinMarketCap shows that the trading volume of the token surged by 25.01% in the last 24 hours, followed by a 13.75% decrease in the market cap of the token as the prices also declined by 13.8% in the same duration. The Market Dominance of the token stands at 1.98% while the Volume / Market Cap Ratio stands at a value of 0.1179. 

The daily candle for the token opened at a price of $0.7018 and reached a daily high of $0.7144. Moreover, the daily low for the token stands at $0.66. At the time of writing, the price of 1 XRP stands at $0.67

Ripple price analysis on the daily chart for Feb 22

Ripple price analysis for Feb 22 will include 3 of the most important price indicators on the daily chart to predict the future movement of the token.

Source: TradingView

The MACD indicator shows that the signal line (orange) continues to progress above the MACD line (blue) which is a bearish condition and means that lower prices are possible. 

The RSI indicator shows that the token dropped to the bearish zone and currently reads 41.74. Moreover, the gradient of the line is negative, meaning that lower prices are possible. 

The price action aims to retest the lower end of the Bollinger Bands which means that Ripple might witness a bearish breakout.

Conclusion

Ripple price analysis for Feb 22, 2022, confirms that the token might fall below $0.6 if the bearish pressure continues. However, this is an excellent time to buy the dip.