XRP Price On Shaky Ground As A New Selloff Threatens

XRP price started a downside correction below the 1.1840 zone. The price is now showing bearish signs and might decline further below 1.10. XRP price started a downside correction after it failed to stay above the 1.1750 zone. The price is now trading below 1.150 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at 1.1620 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below 1.150. XRP Price Dips Once Again XRP price struggled to stay above 1.1620 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the 1.160 and 1.1550 levels. There was a break below a bullish trend line with support at 1.1620 on the hourly chart of the XRP/USD pair. The price even traded below the 38.2 Fib retracement level of the upward move from the 1.050 swing low to the 1.1863 high. The price is now trading below 1.160 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the 1.1350 level. The first major resistance is near the 1.1420 level, above which the price could rise and test 1.150. A clear move above the 1.150 resistance might send the price toward the 1.1580 resistance. Any more gains might send the price toward the 1.1650 resistance. The next major hurdle for the bulls might be near 1.1840. More Downside? If XRP fails to clear the 1.150 resistance zone, it could start a fresh decline. Initial support on the downside is near the 1.1020 level or the 61.8 Fib retracement level of the upward move from the 1.050 swing low to the 1.1863 high. The next major support is near the 1.1072 level. If there is a downside break and a close below the 1.1072 level, the price might continue to decline toward 1.1020. The next major support sits near the 1.10 zone, below which the price could continue lower toward 1.080. Any more losses might call for a test of 1.050. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – 1.1020 and 1.080. Major Resistance Levels – 1.1500 and 1.1840.