XRP’s mini breakout faces bear pressure as bullish momentum fades

  • Ripple reported a 50% jump in XRP sales in the second quarter

  • The token has pushed above a consolidation channel, but buyer power is weak

  • Investors should watch price action at $0.37

Ripple XRP/USD has seen an unprecedented demand lately. A recent report indicated that Ripple sold $409 million worth of XRP tokens in the second quarter. The sales were double that of the previous quarter. That suggested an increase in its On-Demand Liquidity service. The increase in demand could be attributed to investors’ expectations of a price surge. That relates to potential positive outcomes from the case with the SEC.

Despite the second quarter sales, XRP remained in the trenches. It held to a bottom of $0.3 up to mid-July. Ripple attributed the low price of XRP to macro issues and protocol-specific developments. Of course, notwithstanding, the SEC case could go either way.

Still, investors have been optimistic about XRP price recovery. After the price remained in a consolidation zone for nearly 2 months, it broke out on July 30. The breakout occurred after the price pierced through the $0.37 resistance. However, we see this as a mini-breakout as the token has to overcome another tackle at $0.40. That explains why bulls’ power remains weak. However, XRP remains on course for stronger gains and should be on investors’ watch list.

XRP retreats to resistance-turned support after the latest breakout

Source – TradingView

On the daily technical outlook, XRP has touched the $0.37 breakout level after the latest correction. The MACD indicators are bullish on the token, although the momentum is waning. Investors should watch $0.37 for a potential bullish reversal. If XRP breaks below the level, it could slip back to the consolidation zone once more.

Summary

XRP remains in bullish momentum, but bears are pushing the price lower. We need to watch $0.37 for a bullish reversal.

All Dutch and English crypto news!

Cross-chains in the crosshairs: Hacks call for better defense mechanisms

2022 has been a lucrative year for hackers preying on the nascent Web3 and decentralized finance (DeFi) spaces, with more than $2 billion worth of...

Is it foolish to expect a massive Ethereum price surge pre-and-post Merge?

Ether's (ETH) impressive 85% gain in the past thirty days will have surprised even the most bullish investors and it makes the $800 range seen...

Over 1,900 block-producing nodes in the Solana ecosystem, new report reveals

Solana released its first ever, 'Validator Health Report' which revealed information on its network operators. According to the report the network has over 1,900 block-producing...

Gala is announcing a partnership with Stick Figure Productions to distribute Four Down on the Blockchain

Jackson, WY, USA, 11th August, 2022, Chainwire Gala, one of the leading innovators in blockchain gaming and music, has announced the launch of Gala Film. This...

Beste exchanges

Koop je crypto bij Bitvavo