XRP Stuck at $1.10 Resistance as Bulls Face Tough Battle Ahead

XRP's price has hit a new local resistance level of $1.10, but its next direction is still unclear.

The asset has been unable to break through this level, which has consistently capped every attempt at recovery throughout July.

XRP has stabilized after its sharp decline in June, but the recent rejection indicates that bulls have a tough battle ahead of them before momentum can turn in their favor.

The 50-day and 100-day moving averages are currently converging near the $1.09-$1.10 range, making it crucial for determining XRP's next direction.

A breakout attempt from an ascending triangle failed to generate sufficient buying pressure, with XRP currently consolidating just below the moving averages.