Ripple is back above $0.7: Once more aims for $0.9

Ripple price analysis for Feb 28, 2022, confirms that the token remains bearish as indicators also show that conditions are not very bullish for the token. As seen in our XRP price analysis for Feb 25, the $0.7 price level was an important region for the token, which was reclaimed today, and now, the token aims to make it to the $0.8-$0.9 region. 

The data from CoinMarketCap shows that the trading volume of the Ripple token has dropped 2.86%, while the market cap of the token dropped by more than 1.6% in the last 24 hours. Moreover, the Volume / Market Cap Ratio has a value of 0.0767, while the Market Dominance of the token rests at 2.02%.

The daily candle for Ripple opened at a price of $0.72 and reached a daily high of $0.732 which is now a major resistance for prices. Moreover, the daily low for the token stands at a price of $0.71. Furthermore, at the time of writing, the price of 1 XRP has a value of $0.7199.

Ripple price analysis on the daily chart for Feb 28

Ripple price analysis for Feb 28, 2022, will be implemented using three major indicators in the crypto space that is very important when it comes to predicting the future price trajectories for assets.

Source: TradingView

The MACD indicator states that the MACD line remains below the signal line, which means that the conditions are bearish for the token as the MACD histogram is also filled with red bearish bars. 

The RSI line shows a value of 46.81 while the gradient of the line is negative, which means that lower prices are possible for today.

The price action continues in the lower end of the Bollinger Bands, which means that the selling pressure is higher than the buying pressure. 

Conclusion

Ripple price analysis for Feb 28, 2022, can be confirmed on a bearish note for XRP, but the $0.7 has been turned into support.