Ripple price analysis: XRP dips 3% and aims to retest $0.60 support

Ripple price analysis for Feb 2, 2022, brings a bearish analysis for Ripple as the token is aiming to retest $0.60 support. Compared to our analysis from Feb 1, today’s bearish drop is a correction of the gains made so far. The prices have fallen 2.82% in the last 24 hours, followed by a 4.85% market. 

The data from CoinMarketCap shows a 12.72% drop in trading volume followed by a 2.76% drop in the market cap. The current rank of the token is 8th in the market and is 84.23% low from its all-time high witnessed 4 years ago. Furthermore, Ripple is now valued at $15 billion, as per a previous report from TheCoinRise.

The daily candle for Feb 2 started at a price of $0.6284 and reached a daily high of $0.63. However, following a drop in buying volume, the token is now retesting the previous support of $0.60. Moreover, Palau has collaborated with Ripple to release a digital currency.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart shows that the RSI indicator has turned bearish with a negative gradient. If the $0.6 price level doesn’t hold, we might witness XRP once again be oversold. However, it is to be noted that Ripple has turned the resistance levels from our Ripple analysis of Jan 31 into support levels.

Source: TradingView

The MACD indicator had turned bullish after the MACD line (blue) crossed above the signal line (orange), which confirmed a bullish outbreak for Ripple. 

Source: TradingView

Conclusion

To conclude our Ripple price analysis for Feb 2, it can be said that the world’s 8th biggest cryptocurrency is testing the $0.60 support. It is imperative for XRP to hold these levels. Furthermore, the popularity of XRP has been on the rise. Recently, the Qatar National Bank (QNB) partnered with Ripple to facilitate cross-border payments. For the long term, we are bullish on TheCoinRise.