XRP bulls looks extremely bullish from a short-term perspective. Long-term, the time frame charts show an incredible selling opportunity in the next three months.
- XRP looks bullish from a short-term perspective
- The price midpoint of $0.36 is now positioned as major resistance and support zones.
- Ripple to target $1 below
However, XRP bulls may need to wait a bit longer for a breach to take effect.
In June, the cryptocurrency breached the support key of $0.39. As the support zone was broken, this same level was also positioned as the main resistance.
The XRP price was also seen to form a range of $0.3 to $0.41, with the midpoint set at $0.36, which acted as both resistance and support zones.
Chart from TradingView.com
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XRP Bulls Losing Aggression?
In August, XRP tries to break above the $0.39 level for two weeks. However, the bulls are running out of steam, causing the price to fall below the midpoint of the range. The price fell further to the $0.30 level after a few days.
According to CoinMarketCapel, the XRP price is down 0.12% or is trading at $0.3558 as of this writing.
The token’s technical indicators demonstrate a sudden turnaround in bearish preliminaries. The RSI broke above 50 and raised it to act as support, showing a sharp rise that could persist for days to come.
Furthermore, the Accumulation/Distribution (A/D) line managed to break through the main resistance level detected in May, which is a very critical development so far.
But this development may not validate further progress above the $0.39 level. On the other hand, this would indicate that a breach is a possibility and could happen within a few weeks.
XRP’s Chaikin Money Flow (CMF) also rose, topping +0.08, showing notable buying activity.
The increase in demand for XRP shows a bullish stance
The sudden increase in demand for the cryptocurrency indicates that the bulls may have taken the driver’s seat. However, a breach that could remove major resistance may take some time to occur.
In addition to the SEC issues, the challenge is breaking through the resistance line that has been strong since May 2021.
XRP has tested and failed this resistance zone many times, but it is ready to test it again. Reversing the resistance zone will definitely help push XRP to reach the next $1.
XRP total market cap at $17.2 billion on the daily chart | Source: TradingView.com
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