XRP is looking extremely bullish on the short-term view. In the long game, time charts show incredible selling potential over the next three months.
- XRP looks bullish from a short-term perspective
- The average point price of $0.36 is now available as both key resistance and support zones.
- Ripple to target the next $1
However, XRP bulls may have to wait a little longer for the breach to take effect.
In June, the crypto was seen breaching the $0.39 support key. As the support zone was breached, this same level was ready as a key resistance.
The price of XRP has also been seen to form a range from $0.3 to $0.41, with the midpoint set at $0.36 serving as resistance and support zones.
Related reading: How Litecoin (LTC) can rally 5-day straight
Chart from TradingView.com
Will XRP Bulls Lose Their Ferocity?
In August, XRP is seen trying to break the $0.39 level for two weeks. However, the bulls are running out of steam, which will cause the price to fall in the middle of the range. A few days later, the price dropped to the $0.30 level.
according to CoinMarketCapXRP price changed by 0.12% or traded at $0.3558.
The technical indicators of the token show a sudden twist in the pregame of the duel. The RSI has risen above 50 and raised it as a support to show a strong rally that could last for the next couple of days.
More importantly, the Accumulation/Distribution (A/D) line managed to breach a key resistance level seen in May, which is the most significant development to date.
However, such a move may not warrant a move above the $0.39 level. On the flip side, this indicates that a breach is likely and could happen within two weeks.
XRP’s Chaikin Money Flow (CMF) also rose above +0.08 on buying activity.
A spike in XRP demand indicates a bullish stance
The sudden surge in crypto demand suggests that the bulls may be in the driver’s seat. However, it may take some time for a breach to take place that can take away the key’s resilience.
Beyond the SEC issues, the challenge is breaching the defensive line that has been rocky since May 2021.
XRP has tried this resistance zone many times and failed but is ready to try it again. Breaking the protection zone will definitely help XRP target the next $1.
XRP total market cap at $17.2 billion on the daily chart | Source: TradingView.com