XRP is struggling to break above the $3 target on Monday, October 6, following a short rally late last week. 

However, its market capitalization is still up over 4% over the past seven days, sitting at approximately $179.15 billion at the time of writing, according to CoinMarketCap.

While the asset is nowhere near the top weekly gainers like Zcash (ZEC), which is up 140% , the weekend uptick was enough to help XRP briefly overtake BlackRock (NYSE: BLK) in terms of value on Sunday, October 5.

Indeed, the world’s largest crypto fund had a market cap approaching $180 billion, while the cryptocurrency managed to climb near the $183.4 billion mark before dropping again on Monday.

Is another XRP rally coming?

While XRP may have cooled down at the start of the week, some technical indicators suggest another breakout might be on the way. 

The crypto continues to consolidate inside a symmetrical triangle, with resistance overhead at $3.20. A decisive move above that level could open the path toward $3.50.

The moving averages and the moving average/convergence divergence (MACD) are the most bullish signals. 

Namely, the crypto is still trading above the 20-day simple moving average (SMA) of $2.92 and the 50-day SMA of at $2.93, as the MACD (12,16) sits at 0.00739.

Ripple’s fundamentals are strengthening, further supporting the bullish outlook. In June this year, the company applied for a National Trust Bank charter in order to operate stablecoins under federal oversight.

As the October deadline for the application is fast approaching, investors view it as a long-term driver that could trigger a swift advance.

If Ripple manages to meet the deadline and fulfill all necessary requirements, upward price swings will certainly be likely. Naturally, delays could have an inverse effect, raising concerns about the integration of XRP into banking services and thus setting the price back.

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