XRP Price Weakness Builds, Traders Brace For Fresh Selloff

XRP price started a downside correction from the $1.3740 zone. The price is now consolidating and might aim for another increase if it stays above the $1.320 zone.

• XRP price started a downside correction after it failed to stay above the $1.3620 zone.
• The price is now trading below $1.3580 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.360 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it settles above $1.3620.

XRP Price Holds Support

XRP price struggled to stay above $1.3720 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $1.3620 and $1.3600 levels.

The price declined below $1.3550 and even spiked below the 50% Fib retracement level of the upward move from the $1.30 swing low to the $1.3740 high. Besides, there is a bearish trend line forming with resistance at $1.360 on the hourly chart of the XRP/USD pair.

The price is now trading below $1.3520 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.350 level. The first major resistance is near the $1.3560 level, above which the price could rise and test $1.360.

Source: XRPUSD on TradingView.com

A clear move above the $1.360 resistance might send the price toward the $1.3720 resistance. Any more gains might send the price toward the $1.3750 resistance. The next major hurdle for the bulls might be near $1.380.

Downside Extension?

If XRP fails to clear the $1.360 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.330 level. The next major support is near the $1.3280 level and the 61.8% Fib retracement level of the upward move from the $1.30 swing low to the $1.3740 high.