XRP Price Hits a Roadblock, Yet Bulls Show No Signs of Backing Down

XRP remains in a bullish zone above the $2.80 support zone. The price is showing positive signs and might soon aim for a move above the $3.20 resistance.

XRP Price Remains In Strong Uptrend

In the past few days, XRP saw positive moves and strong bullish reversals. It outperformed Bitcoin and Ethereum and remained supported above the $2.80 support zone and the 50-day simple moving average (blue). The last swing low was formed at $2.660, and the price is now rising.

There was a move above the $2.850 and $3.00 resistance levels. The bulls pumped the price above the 50% Fib retracement level of the downward move from the $3.40 swing high to the $2.660 low.

XRP price is now consolidating gains above the $3.00 level and is well above the 50-day simple moving average (blue). The current price action is positive, but the bulls seem to be facing a couple of major hurdles near the $3.10 and $3.20 levels.

Immediate resistance sits near the $3.10 level. There is also a key contracting triangle forming with resistance at $3.10 on the daily chart. It coincides with the 61.8% Fib retracement level of the downward move from the $3.40 swing high to the $2.660 low.

A close above the $3.10 resistance and the triangle could set the pace for a larger increase. In the stated case, the price could rally and test the $3.25 resistance. The next major resistance is near the $3.40 level.

A convincing move and close above the $3.40 resistance zone could send the price toward the $3.850 level. Any more gains might open the doors for a new all-time high or even $4.00.

Recently, Ripple announced that it is bringing OUSG, tokenized U.S. Treasuries to the XRP Ledger in collaboration with Ondo Finance – a leading tokenized real-world asset (RWA) issuer.

Another Rejection?

Conversely, XRP price might struggle to surge above the $3.10 resistance and start another decline. Immediate support is near the $3.00 level. The first major support sits near the $2.85 level.

The main support could be near the triangle’s lower trend line or $2.650. A close below the triangle could spark bearish moves. In the stated case, the bears might aim for a close below the 50-day simple moving average (blue) at $2.50.

If they succeed, the price could take a hit. The next target for the bears could be $2.20. Any more losses might send the price toward the $2.00 handle.

Overall, XRP price is trading in a strong bullish zone above the $2.80 support. The price remains in an uptrend and might soon attempt more gains above the $3.20 level.

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