August wasn’t a month to talk about for Ripple’s token. After experiencing some downtrends last month, charts have shown XRP is surging to break through the $0.39 resistance point after several attempts in previous months.
Failed Attempts To Rise Above $0.39
XRP created a new support zone in June after dipping below the 0.39 resistance zone. It has since then tried to rise above $0.39, but it recorded no success.
Recently, the token showed some likelihood of breaking through the resistance zone. The new midpoint is $0.36. The support level is also set at $0.3, while the resistance zone is now $0.41. Charts have shown that Ripple tokens will likely rise above the $0.39 resistance point soon.
Fall In XRP Bullish Drives
XRP lost momentum last month in its continued attempt to rise past $0.39. It consequently fell below the midpoint. A few days later, it further dropped to $0.30. The bulls are probably out of the drive to keep pushing XRP price up.
However, technical charts show there has been a flip in the trend. The relative strength index for XRP indicated a new RSI support zone was set after revealing it pumped above 50. It will remain in that region, as uptrend movement is expected in the coming days.
The resistance zone set for Accumulation /Distribution indicators since May also changed. This is an improvement in XRP’s quest to keep surging. The CMF also jumped by 0.08, revealing decent trading activities.
These indicators show the likelihood of XRP pumping above $0.39 in the coming weeks. None of them is a guarantee.
Sudden Increased Demand For XRP
Despite the recent false allegation by the Security and Exchange Commission on XRP, coupled with a lengthy legal battle, the investors in the sixth biggest digital asset have revealed their bullish stance.
The recent increase in the XRP demand supports the statement above. This could only mean the bulls are in control. There are also better chances of breaking through the resistance level after several failed attempts since last year’s May.
Finally, in their quest to reach their $1 target, XRP must forget its failed attempts to surpass 0.39 and keep trying. The long-term breach may take a few months, although it appears to surge quickly in a shorter view.
CoinMarketCap price charts revealed XRP currently trades at $0.355, dipping 0.15%.