XRP Bulls Strive To Raise Prices Above $0.34 After A Dismal August


A quick glance at the short-term chart for XRP shows tremendous bullishness. According to the timeframe charts, there is a fantastic selling opportunity in the long game in the next three months.

The cryptocurrency was observed to have broken through the $0.39 support level in June. After breaking through the support area, this level was set to act as a major obstacle.

The price of XRP has been seen to oscillate between $0.3 and $0.41, with $0.36 serving as a pivot point between the range’s resistance and support levels.

The XRP price is expected to attempt a two-week break over the $0.39 barrier in August. The bulls seem to be tiring, and the price has dropped below the range’s midpoint. In only a few days, the price fell below the $0.30 level. At the time of writing, the XRP price has dropped by 0.12%, to $0.3558 on CoinMarketCap.

The token’s technical indicators have taken a sharp turn toward negative pre-game play. The relative strength index (RSI) has risen over 50, indicating a strong upswing that may continue for the next few of days.

Importantly, the Accumulation/Distribution (A/D) line has broken through the crucial resistance level identified in May.

The problem is that this kind of growth could not justify a rise of over $0.39. On the other hand, this may suggest that a breach is possible within the next several weeks.

The Chaikin Money Flow (CMF) for XRP also rose, going beyond +0.08 to signal extraordinary purchasing activity.

The unexpected increase in the demand for cryptocurrency suggests that the bulls have gained control of the situation. However, it may be quite some time before a breach occurs that would pull off the critical barrier.

The trouble is in breaking through the resistance line, which has been immovable since May of 2021, and not in the SEC problems.

Many previous attempts to break through this resistance zone by XRP have failed, but the currency seems determined to try again. If XRP can break over the zone of resistance, it will be able to rise to its next goal of $1.

Also Read: Robinhood Is Working to Enable Cardano (ADA) and All Other Crypto Asset Transfers on Its Platform

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