Ripple price analysis for Feb 8, 2022, brings a bullish prediction for investors as the XRP token is making a solid move towards $1. It is also important to note that this movement of prices might finally lead the token towards its previous all-time high, which traders witnessed 4 years ago.
It is important to note that the token has taken the 6th position in the market and now aims to dethrone BNB or Binance Coin. However, it is also important to note that Ripple’s journey has been quite amazing recently. The blockchain payment company had recently announced a $200 million Series C share buyback which valued it at $15 billion. Moreover, Ripple had also partnered with Palau to develop a digital currency.
The data from CoinMarketCap shows that the world’s 6th biggest cryptocurrency has surged by more than 20% in the last 24 hours, followed by a 19.94% surge in the market cap and 197.16% surge in the trading volume. The Market Dominance of XRP has broken above 2%, while the Volume / Market Cap Ratio stands at 0.1188.
Ripple price analysis for Feb 8 also shows that the daily candle opened at a price of $0.8314 and reached a daily high of $0.8964. Moreover, the daily low of the token stands at a price of $0.8132.
Ripple price analysis on the daily chart
Ripple price analysis on the daily chart below shows that the MACD line (blue) continues to progress above the signal line (orange), which means that the bulls are in charge.
The price action has broken out of the upper end of the Bollinger Bands, and it seems that there is a huge chance that XRP will soon break $1.
Ripple price analysis for Feb 8 can be concluded on a bullish note for the XRP token, and it is possible that we might see XRP above $1 in the coming days. The token has shown very impressive performance.