XRP’s short-term outlook is extremely bullish. Timeframe charts indicate a huge selling opportunity for XRP in the near term.
- XRP bullish short-term view
- As both support and key resistance areas, the price of $0.36 at its midpoint is currently in place
- Ripple will target $1 for the next
However, XRP bulls might need to wait a bit longer before a breach takes effect.
Crypto was seen breaking the support key at $0.39 in June. The support zone had also been broken, so the same level was poised for key resistance.
Also, XRP prices were found to range between $0.3 and $0.41 with the median at $0.36 acting as support zone and resistance.
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XRP Bulls Losing Aggressiveness?
For two weeks, August’s XRP price is expected to break the $0.39 mark. However, the bulls are running out of steam sending the price crashing down under the range’s mid-point. In the following days, it fell to $0.30.
According to CoinMarketCapThe XRP Price has fallen by 0.12 percent or is trading at $0.3558.
The token’s technical indicators show a dramatic shift in bearish foreplay. The RSI is now above 50. It was lifted to serve as support, indicating a significant uptick which could continue over the coming 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.
However, this development could not be interpreted as a validation of further progress beyond the $0.39 mark. This would also indicate that there is the possibility of a breach, which could occur in just a few weeks.
XRP’s Chaikin Money Flow (CMF) also climbed, surpassing +0.08 showing remarkable buying activity.
Spike in XRP Demand Displays Bullish Tendency
The sudden surge in the crypto’s demand indicates that the bulls may have taken the driver’s seat. A breach which would expose the key resistance could take some time.
Other than the SEC matters, the real challenge is breaking the resistance line which has been solid since May 2021.
XRP has tested and failed this resistance zone many times but it’s dead-set to retest it again. It’s possible to flip the resistance zone and raise XRP towards $1.
Source: TradingView.com| Source: TradingView.com