Ripple Price Analysis: XRP’s Downside Thrust Before Fresh Upside

Ripple price is currently trading well below the $0.3045 and $0.3070 resistances against the US dollar.
There is a major bearish trend line formed with resistance at $0.3070 on the hourly chart of the XRP/USD pair (data source from Kraken).
Recently, there was a break below a connecting bullish trend line with support at $0.3000.
The pair could correct a few points in the short term, but there are chances of a sharp drop to $0.2940 or $0.2910.

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Ripple price continues to trade in a bearish zone against the US Dollar and Bitcoin. XRP/USD might dive towards the $0.2900 area before starting a fresh upward move.
Ripple Price Analysis
After trading as high as $0.3094, ripple price traded below the $0.3070 support against the US Dollar. The XRP/USD pair declined steadily and traded below the $0.3050 and $0.3040 support levels. There was a break below the 61.8% Fib retracement level of the last wave from the $0.2941 low to $0.3094 high. It opened the doors for more losses below the $0.3000 support. Later, there was a break below a connecting bullish trend line with support at $0.3000 on the hourly chart of the XRP/USD pair. The pair tested the $0.2970 swing low and later started trading in a range.
The price is currently trading well below the $0.3045 resistance and 100 hourly simple moving average. The recent low was $0.2971 and it seems like the price might correct higher in the short term. An initial resistance is near $0.3030 and the 50% Fib retracement level of the last drop from the $0.3094 high to $0.2971 low. However, the main resistance is near the $0.3070-0.3080 area. More importantly, there is a major bearish trend line formed with resistance at $0.3070 on the same chart. The 61.8% Fib retracement level of the last drop from the $0.3094 high to $0.2971 low is also near $0.3047 to act as a resistance. Therefore, if there is an upside correction, the price could face a strong resistance near $0.3045 and $0.3060.

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Looking at the chart, ripple price seems to be trading in a bearish zone below the $0.3060 resistance. If sellers gain control, there is a risk of a downside thrust below the $0.2970 low. The next support is at $0.2945, below which the price could drop towards the $0.2900 area. As long as the price is trading above the $0.2900 support zone, it is likely to bounce back above $0.3060 and $0.3100.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level, with a bullish angle.
Major Support Level – $0.2940
Major Resistance Level – $0.3060
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