Ripple price analysis: XRP trading volume drops, below $0.9

Ripple price analysis on the daily chart for Feb 10, 2022, can be confirmed on a bullish note for the token. XRP has been outperforming most of the altcoins recently although, the token is more than 77.56% low from its all-time high witnessed 4 years ago at a price of 3.84 USD. As seen in our Ripple price analysis for Feb 7, 2022, the token entered Feb on a bullish note.  

Ripple has been bullish for Feb, and with the recent $200 million Series C share buyback, the payments firm confirmed a $15 billion valuation. Moreover, Palau has also collaborated with the digital payment network to develop a digital currency for the nation. Moreover, the current rank of the token is 6th in the market. 

The data from CoinMarketCap shows that the trading volume of the XRP dropped 43.09% in the last 24 hours, followed by a 1.75% surge in the market cap. The Market Dominance of the token stands at 2.06%, while the Volume / Market Cap Ratio is valued at 0.08072. 

Moreover, the CEO of the payments firm, Bradley Kent Garlinghouse, confirmed that the XRP token is making good progress in its lawsuit with the SEC. It is also important to note that the CEO claimed in a recent report that the SEC pushed Ethereum to surpass XRP.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart shows that the token broke out from the upper end of the Bollinger Bands confirming the bullish trajectory of the token.

Source: TradingView

The RSI line has entered the bullish zone, and it seems that the buying pressure is defeating the selling pressure.

Source: TradingView

Conclusion

To conclude our Ripple price analysis for Feb 10, it can be said that the token might make a move towards $1 in the coming days. On the other hand, the resistance at $0.9 remains a strong one. The popularity of XRP surged following Ripple’s partnership with the non-profit Digital Pound Foundation.