Ripple’s XRP exhibited a bullish near-term trend. Nevertheless, CoinGlass data indicated the future market was relatively evenly balanced. Moreover, a brief edge went to short positions as far as volume is concerned.
Meanwhile, the high timeframe charts displayed a 3-month range. The range’s high would present a lucrative selling opportunity. However, patience remains essential before Ripple bulls initiate a breakout.
Ripple 12Hr Timeframe
June’s early sessions saw XRP breaking below the support of $0.38. The same region has served as massive resistance. Meanwhile, the intervening months had the price creating the $0.3 – $0.38 range. Also, the range’s mid-point at $0.34 has served as resistance and support.
August witnessed XRP attempting to overcome the $0.38 hurdle for about two weeks. However, bulls could not carry through the month, welcoming a crash below the range’s mid-point. The remittance token slumped more in the following few days to hit $0.32. While publishing this report, bulls switched the narrative, pushing prices past $0.34.
The indicators experienced a bearish momentum flip. The RSI (Relative Strength Index) climbed beyond the 50-neutral, flipping it to support. The RSI read 61 during this writing. That indicated a stable upside strength, highlighting chances of extended rallies. Also, the A/D (Accumulation/Distribution) broke beyond the resistance mark from May.
This development remained essential. Nonetheless, it doesn’t necessarily imply an imminent move beyond $0.38. Nevertheless, it shows such breakouts began materializing and might emerge in the coming weeks. The CMF (Chaikin Money Flow) climbed above +0.05, confirming massive buying strength.
The surging demand showed Ripple bulls had some dominance over the marketplace. However, a break beyond a 3-month resistance might take time to materialize. For now, a revisit to $0.38 – $0.39 would reveal a selling opportunity. That might change if XRP tests $0.24 and overturn $0.39 to a demand area.
Meanwhile, bulls show their strength within the marketplace. For instance, Bitcoin remains steady beyond the crucial $20,000 level. While publishing this blog, BTC traded at $21,564, noting brief price actions within the past day.
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