The XRP Price Faced Massive Upward Pressure During the Early Trade Hours

The XRP price faced massive upward pressure during the early trade hours, but the support offered by the bulls points towards a potential upswing

The price of XRP faced massive upward pressure during the early trade hours on Thursday, despite being stuck in a bearish pattern since February. However, the support offered by the bulls at the lower levels points towards a potential upswing in the coming days.

Compared to the other cryptos, XRP has been displaying enormous strength as the bulls have been defending the support. The latest rebound from the support at $1.8 suggested the strong presence of the bulls. As a result, the token is likely to revive a strong upswing in the coming days with a decent rise in the buying volume. Moreover, a couple of bullish events are expected to be a strong catalyst in triggering an XRP bull run.

The race for the spot ETFS has been heating up for a long time, as the recent data shows more than 70 ETF applications are being applied for approval from the SEC. Among them are a couple of XRP ETFS, which are expected to get approved. Besides, the latest rounds of the Chicago Mercantile Exchange (CME) group are expanding crypto derivatives with the launch of XRP futures this May.

Moreover, Ripple’s CEO recently confirmed an agreement with the SEC staff to dismiss the lawsuit, while the $125M fine is reportedly being refunded. With all these positive developments, the price of XRP is expected to be positively impacted, which has been stuck just above $2. Although the resistance is falling significantly, the trade setup points towards a breakout, probably before the end of the week.

While the price of XRP is stuck within a descending triangle, the bulls are trying hard to break out of the resistance. The previous attempt was supported by a huge bullish candle but unfortunately followed by a major pullback, which prevailed until the bottoms at $1.75 offered a base. However, the latest rise is a consolidated one, with the rally forming constant higher highs and lows, highlighting the growing strength of the bulls.

On the other hand, the RSI has risen above the descending trend line, flashing major bullish signals. Therefore, the XRP price is likely to hold the resistance of the triangle and trigger a rebound to enter the resistance zone between $2.55 and $2.62. But the bulls are required to pour in excess liquidity to initiate this move, which may further push the price towards $2.8.