XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August
XRP is looking extremely bullish on a short-term outlook. In the long game, the timeframe charts show an incredible selling opportunity in the next three months.
However, XRP bulls may need to wait a little longer for a breach to take effect.
In June, the crypto was seen to breach the support key of $0.39. Since the support zone was breached, this same level was also poised as the key resistance.
XRP price was also spotted to form a range from $0.3 to $0.41, with the mid-point set at $0.36 which acted as both the resistance and support zones.
XRP Bulls Losing Aggressiveness?
In August, XRP is seen to try to breach the $0.39 level for two weeks. However, the bulls are running out of steam sending the price crashing down under the range’s mid-point. The price dropped further down to the $0.30 level after a couple of days.
According to CoinMarketCap, XRP price has nosedived by 0.12 % or trading at $0.3558 as of this writing.
Technical indicators for the token demonstrate a sudden twist in bearish foreplay. RSI has surged past 50 and hoisted it to act as support showing a strong uptick that could linger for the next couple of days.
More so, the Accumulation/Distribution (A/D) line was able to breach the key resistance level spotted in May which is a very critical development so far.
But, such development may not validate further progress above the $0.39 level. On the flip side, this would indicate that a breach is a possibility and could happen in a couple of weeks.
XRP’s Chaikin Money Flow (CMF) also climbed, surpassing +0.08 showing remarkable buying activity.
Spike In XRP Demand Shows Bullish Stance
The sudden surge in the crypto’s demand indicates that the bulls may have taken the driver’s seat. However, a breach that would rip off the key resistance may take some time to happen.
Beyond the SEC issues, the challenge is breaching the resistance line that has been rock-solid since May 2021.
XRP has tested and failed this resistance zone many times but it’s dead-set to retest it again. Flipping the resistance zone will definitely help hoist XRP to target $1 next.Source