Ripple price analysis: XRP up around 6%, reclaims $0.6

Ripple price analysis for Feb 1, 2022, brings an optimistic price trajectory for XRP as the world’s 8th biggest cryptocurrency is fighting for its spot in the top 10 list. Moreover, the selling volume for XRP surged as per our analysis from Jan 31, 2022. The firm behind XRP, Ripple, had recently announced a $200 million Series C share buyback, bringing the company’s valuation to around $15 billion.

The data from CoinMarketCap shows a 6% price surge in the last 24 hours followed by a 13.93% rise in the trading volume of XRP. Moreover, the market cap of XRP rose by 3.81% in the same duration. The market dominance of XRP currently stands at 1.68%. 

The future of XRP seems to be out of danger as the CEO of Ripple believes that the firm’s case with the SEC is making good progress. As per a previous report from TheCoinRise, Ripple has partnered with Palau to develop its digital currency.

Ripple price analysis on the daily chart

The Ripple price analysis on the daily chart below shows the RSI indicator. The RSI line has swiftly conquered the oversold levels and the gradient of the line is positive. This means that higher prices will follow for XRP. The nearest competitor for XRP, SOL, had entered the oversold region but has since then reclaimed. 

Source: TradingView

The Accumulation/Distribution (A/D) line shows that XRP is increasingly popular with investors. The token ranks amongst one of the most held tokens in the crypto space, and the AD line is making higher highs.

Source: TradingView

Conclusion

Our Ripple price analysis can be concluded on a bullish note for the XRP token. The token has been outperformed by SOL, as per our Solana price analysis for Feb 1, 2022. Moreover, ETH has also outperformed XRP, as per our Ethereum price analysis for Feb 1.