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XRP is very optimistic about the short-term prospects. In the long term, the timeframe chart shows incredible selling opportunities over the next three months.
- XRP rises in price in short han
- The price level between $0.36 is now ready between both major resistance and support zones
- Ripple to target $1
- However, XRP bulls need to wait a little longer for the above range to take effect.
In June, the cryptocurrency was shown to have breached the $0.39 support level. Since the support zone has been broken, this level is also considered an important resistance zone.
XRP price was also spotted in the range of $0.3 to $0.41, with the midpoint set at $0.36, acting as both resistance and support zones.
XRP bulls lose their aggressiveness?
In August, XRP attempted to break the $0.39 level for two weeks. However, the weakening bulls caused the price to fall below the midpoint of the range. The price continued to fall to the $0.30 level after a few days.
According to CoinMarketCap, the price of XRP has dropped 0.12% or traded at $0.3558 as of the time of this writing.
Technical indicators for the token indicate a sudden change in the early stages of the fall. The RSI broke through the 50 levels and kept it acting as a support level indicating a strong upside that could last for the next few days.
Moreover, the Accumulation/Distribution (A/D) line was able to break through the key resistance level in May, which is a very important development so far.
XRP’s Chaikin (CMF) cash flow also increased, surpassing +0.08 indicating notable buying activity.
Soaring XRP demand shows a bullish stance
The spike in demand for cryptocurrencies suggests that the bulls may have taken control.
In addition to SEC issues, the current challenge is to break the resistance line that has been very solid since May 2021.
XRP has tested and failed this resistance zone several times. The overthrow of the resistance zone will definitely help XRP reach the next $1 target.
