Ripple price analysis: XRP fails to break into $0.9

The Ripple price analysis for Feb 9, 2022, comes with a sluggish analysis for investors as the token was unable to break above $0.9 resistance. The bulls might aim for the $1 price level in the near future. On the other hand, we saw Ripple outperform the majority of altcoins as per our Ripple price analysis for Feb 7, 2022.

Moreover, the month of February has been quite bullish for the token, as witnessed in our Ripple price analysis for Feb 1, 2022. The bullish price trajectory of the token can be attributed to the recent $200 million Series C share buyback, which put Ripple’s net worth at $15 billion, as reported TheCoinRise. 

The data from CoinMarketCap shows that the trading volume of the token dropped 14.03%, followed by a 1.23% drop in the market cap. The Volume / Market Cap Ratio currently stands at a value of 0.1177, and XRP reached a Market Dominance of 2.06%. In the last 7 days, the XRP token moved from a low price of 0.5923 USD to a high of 0.9111 USD. 

The XRP price analysis shows that the daily candle for Feb 9, 2022, opened at a price of $0.8763 and reached a daily high of $0.9048. On the other hand, the daily low for XRP stands at a price of $0.8413.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart shows that the token has reclaimed the 50-day Moving Average and now aims for the 100-day Moving Average, which acts as important resistance.

Source: TradingView

The price action broke out from the upper end of the Bollinger Bands, and it seems that bullish movement might follow.

Source: TradingView

Conclusion

Ripple price analysis on the daily chart for Feb 9, 2022, can be concluded on a bullish note. The Chief Executive Officer of Ripple Inc., Brad Garlinghouse, said in a recent report that the firm is making good progress in its lawsuit with the SEC. The XRP token also took the 6th position in the market.