Ripple makes a third bearish daily candle, a perfect buy?

Ripple price analysis on the daily chart confirms that the token has been bearish for the past 3 days, with 3 bearish candles on the daily chart. It seems that despite the recent partnership between Ripple and Palau, as TheCoinRise reported, the token wasn’t able to break into the $1 price level, a critical resistance.   

The data from CoinMarketCap shows that the trading volume of XRP tokens has surged 3.85% in the last 24 hours, followed by a 6.75% drop in the market cap. On the other hand, the Market Dominance of the token stands at 1.98%, while the Volume / Market Cap Ratio stands at a value of 0.09968. 

The daily candle for XRP opened at a price of $0.8253 and reached a daily high of $0.8315. On the other hand, the daily low for the token stands at a price of $0.79. In all, XRP has outperformed the majority of altcoins in the crypto space, as seen in our Ripple price analysis for Feb 7, 2022.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart shows that the MACD indicator is quite bullish for the XRP token. The MACD line (blue) continues above the signal line (orange), which means that investors can witness a bullish surge in the coming days.

Source: TradingView

The RSI chart went into the overbought region, but, at the time of writing, the RSI rests at 63. The gradient is negative, which means that traders can expect lower prices. However, on the whole, Ripple price analysis is bullish.

Source: TradingView

The price action broke out of the upper end of the Bollinger Bands but, it seems that bulls were unable to keep pace with the bears.

Source: TradingView

Conclusion

Ripple price analysis is bullish in short and the long term looking at the recent price trajectory. The indicators are still very bullish, and traders can expect higher prices in the future.