XRP Stuck Below Key Resistance as Zcash Seeks Recovery

XRP's price is currently trading at around $1.08, below both its 50-day and 100-day moving averages but slightly above local support.

These indicators have consistently thwarted attempts at recovery throughout July and continue to function as dynamic resistance, limiting XRP's trading range.

The asset formed a symmetrical triangle, indicating contracting volatility before a bigger move. However, XRP fell below the pattern's rising support rather than staging a sustained breakout.

Until major long-term resistance levels are breached, rallies will probably be seen as corrective rather than the start of a new bullish trend.