Ripple price analysis for Feb 16, 2022, confirms that the token is following a bullish trajectory on a longer timeframe. However, considering a relatively shorter timeframe, it can be seen that the controversial token is following a sluggish trajectory at the time of writing. Moreover, we noted that XRP faces important resistance at $0.83 in our XRP price analysis for Feb 15, 2022.
The data from CoinMarketCap shows that the trading volume of the token dropped 13.70% in the last 24 hours, followed by a 1.37% surge in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at 0.05313, followed by a Market Dominance rate of 2.02%.
The daily candle for Ripple was initiated at a price of $0.8514, followed by a daily high of $0.8523. On the other hand, the daily low for the token stands at $0.8256, while the price of 1 SOL at the time of writing is $0.8369. If prices manage to stay above $0.83, this might be our new support that investors would need to watch out for in the coming days.
Ripple price analysis on the daily chart
Ripple price analysis for Feb 16, 2022, can be confirmed on a bullish note for the long term, and this might be a good time to buy more XRP. The RSI levels continue making higher highs, but the gradient of the line is slightly negative, which hints at sluggish price action.
The MACD line (blue) continues to progress above the signal line (orange), which is a bullish scenario. Moreover, the MACD histogram is bullish with green bars.
The price action aims to break out of the upper end of the Bollinger Bands, and if successful, we might see Ripple nearing $1 in the coming days.
Conclusion
Ripple price analysis for Feb 16, 2022, can be confirmed on a bullish note for the token. However, the prices are sluggish on the daily candle, which means that investors can buy more XRP.
