Ripple price analysis: XRP surges 11%, outperforms major altcoins

Ripple price analysis for Feb 7, 2022, confirms our bullish analysis from Feb 5, 2022, where we saw rising accumulation levels for XRP. It seems that the payment firm has become increasingly popular since the token breached important resistance of $0.7. The trading volume for XRP dropped, as seen in the XRP price analysis for Feb 6. However, since then, the token’s prices have surged 11%. 

The data from CoinMarketCap shows that the trading volume of the token surged 32.95% in the last 24 hours, followed by an 11.19% surge in the market cap. Currently, Ripple is outperforming its nearest competitor, Solana, as seen in our SOL price analysis for Feb 7, 2022. 

At the time of writing, the price of 1 XRP stands at $0.68. As per our Ripple price analysis for Feb 7, 2022, the daily candle for XRP started the day at $0.6825 and reached a daily high of $0.749 from a daily low of $0.6712. The token has surged more than 11% in the last 24 hours. 

Investors witnessed XRP reclaim the previous support of $0.6, as seen in our XRP price analysis of Feb 2, 2022. This support level now holds as XRP has met with resistance at $0.74.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart below shows that the accumulation of the token is reaching new all-time highs. Traders and investors can expect that XRP might attempt to make higher highs and form an uptrend.

Source: TradingView

The MACD indicator on the chart below shows a bullish divergence. This divergence confirms that XRP is under the influence of the bulls.

Source: TradingView

Conclusion

Ripple price analysis for Feb 7, 2022, is concluded on a bullish note as the token continues to outperform the majority of altcoins. Moreover, the current valuation of the blockchain payments company, Ripple, stands at $15 billion following a $200 million Series C share buyback, which was reported previously by TheCoinRise. It seems that Ripple might be a good investment for 2022.