XRP Price Maintains Key Floor, Market Awaits Next Major Move

XRP price started a downside correction from the $1.3750 zone. The price is now consolidating and might aim for another increase if it stays above the $1.3280 zone.

• XRP price started a downside correction after it failed to stay above the $1.3720 zone.
• The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.3650 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it settles above $1.3750.

XRP Price Holds Support

XRP price started a decent upward move above $1.3250 and $1.3280, outperforming Bitcoin and Ethereum. The price gained pace for a clear move above the $1.370 resistance.

A high was formed at $1.3741, and the price started a downside correction. There was a move below $1.3450 and $1.3420. The price dipped below the 50% Fib retracement level of the upward move from the $1.3001 swing low to the $1.3741 high.

The price is now trading above $1.350 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3650 level. There is also a bearish trend line forming with resistance at $1.3650 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

The first major resistance is near the $1.3740 level, above which the price could rise and test $1.3880. A clear move above the $1.3880 resistance might send the price toward the $1.40 resistance. Any more gains might send the price toward the $1.420 resistance. The next major hurdle for the bulls might be near $1.450.

Downside Extension?

If XRP fails to clear the $1.3740 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3370 level. The next major support is near the $1.3280 level and the 61.8% Fib retracement level of the upward move from the $1.3001 swing low to the $1.3741 high.