XRP Price Holds Key Support

XRP is holding gains above the $2.00 support zone. The bulls seem to be in control and might aim for a rally above the $2.50 resistance.

XRP price displayed resilience on Monday, holding gains above the key $2.00 support level. While Bitcoin and Ethereum prices faced bearish pressure, XRP maintained a positive price action.

After forming a base following a retest of the $2.00 support, XRP price showed some recovery from the lower levels. It managed to climb above the $2.20 resistance, followed by the $2.40 level, and finally reached a high at $2.5085.

As clear from the XRP price chart, XRP price showed a strong bullish move from the swing low of $2.00. It rallied sharply towards the $2.50 resistance. Moreover, XRP price is now trading above the 50-day simple moving average (blue) and the Fib retracement level of the upward move.

A bullish flag is forming on the daily XRP price chart, highlighting resistance at $2.40. A close above this level could lead to a breakout from the flag pattern.

After breaking out of the bullish flag, XRP price might encounter resistance at $2.40, followed by $2.50. A close above the $2.50 resistance could set XRP up for a rally towards $2.80.

Further up, the next resistance levels are at $2.850 and $3.00. A convincing close above the $3.00 resistance zone could lead to a test of the $3.20 level.

Later, the next major pivot zone is at $3.35, after which XRP price could rally and test $3.50.

As stated earlier in an interview, Ripple President Monica Long expressed her anticipation for the integration of their new stablecoin RLUSD on additional platforms. She also hinted at the possibility of an XRP ETF emerging soon.

In other news, XRP legal counsel John Deaton recently filed a motion to intervene in the SEC lawsuit against Ripple executives. The motion aims to protect the XRP community's interests and ensure a fair resolution.

Moreover, a recent report by Santiment highlighted XRP among the top gainers over the past seven days, with a 12% price increase and minimal price volatility. This observation aligns with XRP's bullish price action.

In summary, XRP price is gaining momentum above the $2.20 support. If it manages to clear the $2.40 and $2.50 resistance levels, we could see a strong price increase from the current levels.