Ripple price analysis: XRP up 8.6%, nearing $0.7

Ripple price analysis can be concluded on a bullish note for February 5 as the token has surged nearly 9% in the last 24 hours. Furthermore, the previous support of $0.6 has been reclaimed, and now, the token is aiming to break into the $0.7 price level. It is also important to note that the firm behind the XRP token, Ripple, is now worth $15 billion.

The previous Ripple price analysis for February 2, 2022, shows that the $0.6 price level is now important price support. Moreover, the popularity of Ripple has resulted in a partnership with Palau which resulted in the development of a digital currency for the country. Meanwhile, Ripple is making optimistic progress in its case with the SEC, the CEO of Ripple Labs Inc. said in a recent report. 

As per our Ripple price analysis, the data from CoinMarketCap shows a 90.54% surge in the trading volume followed by an 8.31% surge in the market cap. The current rank of the XRP token is 8th in the market. Moreover, the market dominance of the token is 1.69%. Furthermore, the Qatar National Bank (QNB) is also partnering with Ripple for cross-border payments.

Ripple price analysis on the daily chart

Ripple price analysis on the daily chart below shows that the Accumulation/Distribution Line is making higher highs. The accumulation of XRP is rising, and it seems that in 2022, XRP might take a shot at the all-time high of 3.84 USD.

Source: TradingView

The daily chart below shows that the MACD line (blue) broke above the signal line (orange), which confirms a bullish divergence. This means that the buying pressure is increasing for XRP.

Source: TradingView

Conclusion

The Ripple price analysis for February 5 concludes on a bullish note. It is also to be noted that Ripple is one of the top 10 biggest fintech companies, and the future of the digital payments firm is definitely bright.