XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August

Christian Encila

2 years ago

3 mins read

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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.

XRP looking bullish from a short-term perspective
Price mid-point of $0.36 is now poised as both key resistance and support zones
Ripple to target $1 next

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.

Chart from TradingView.com

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.

XRP total market cap at $17.2 billion on the daily chart | Source: TradingView.com

Featured image from Cryptocoin Spy, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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