Ripple finds resistance at $0.84: XRP might dip further

Ripple price analysis for Feb 17, 2022, confirms that the token has been bearish in the last 24 hours and found another resistance at $0.84. Moreover, as noted in our Ripple price analysis for Feb 16, 2022, the indicators are still bullish for the XRP token. However, the bulls are unable to enter the $0.9 price level and finally reclaim the $1 price level. 

The data from CoinMarketCap shows that the trading volume of the token has declined 0.99% in the last 24 hours, followed by a 1.17% drop in the market cap. Moreover, the Market Dominance currently rests at 2%, while the Volume / Market Cap Ratio stands at a value of 0.05478. 

The daily candle for the token opened at a price of $0.83 and reached a daily high of $0.84. Meanwhile, the daily low for the token stands at a price of $0.8096. At the time of writing, the price of 1 XRP stands at a price of $0.8236.

Ripple price analysis for Feb 17, 2022, on the daily chart

Ripple price analysis for Feb 17, 2022, confirms that the token is a little bearish today. We will use 3 major indicators to analyze XRP’s price trajectory.

Source: TradingView

The Ripple price analysis shows that the RSI line is still in the bullish zone and reads a value of 58.3. However, the gradient of the line is negative, which means that lower prices are possible today. 

The MACD indicator shows that the MACD line (blue) has been progressing above the signal line (orange), which means that buying pressure is still high. Moreover, the MACD histogram is bullish overall.  

The price action tried to make higher highs, but as of now, the token is resting in the upper end of the Bollinger Bands with two consecutive bearish candles. The token might test the upper end in the coming days, attempting a breakout.

Conclusion

Ripple price analysis for Feb 17, 2022, can be concluded on a bearish note as the token failed to break into the $0.9 price level.