Ripple (XRP) Price Drops Significantly, Next Leg Underway?

Ripple price declined further below the $0.3040 and $0.3000 support levels against the US dollar.
The price remained in a bearish zone below $0.3200 as discussed in yesterday’s analysis.
There is a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could correct higher in the short term, but it is likely to decline further towards $0.2850.

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Ripple price extended losses and broke key supports against the US Dollar and bitcoin. XRP is currently in a bearish zone and it could continue to move down towards $0.2850 or $0.2820.
Ripple Price Analysis
Yesterday, we saw the start of a strong decline from the $0.3300 resistance area in ripple price against the US Dollar. The XRP/USD pair declined sharply below the $0.3250 and $0.3220 support levels. There was even a close below the $0.3200 level and the 100 hourly simple moving average. A swing low was formed near $0.3175 and later the price corrected higher. It moved above $0.3200, but it failed below the 50% Fib retracement level of the drop from the $0.3288 high to $0.3175 low.
As a result, there was a fresh decline below the $0.3175 support area (as discussed in yesterday’s analysis). There was a sharp decline below the $0.3100 and $0.3040 support levels. The price even broke the $0.3000 support to register more than 10% intraday drop. It traded close to the $0.2900 level and a swing low was formed at $0.2904. At the moment, the price is consolidating losses above the $0.2910 level. It recovered above the 23.6% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. On the upside, there are many hurdles near the $0.3050 and $0.3060 levels.
There is also a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. Therefore, it won’t be easy for the bulls to push the price above the $0.3050 and $0.3060 resistance levels.

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Looking at the chart, ripple price is clearly under a lot of bearish pressure below $0.3100 and the 100 hourly SMA. There is a risk of more losses below the $0.2900 support levels. Sellers may push the price towards $0.2850 or even $0.2820.
Technical Indicators
Hourly MACD – The MACD for XRP/USD could move back in a bearish zone in the short term.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 and 40 levels.
Major Support Levels – $0.2900, $0.2850 and $0.2820.
Major Resistance Levels – $0.3050, $0.3060 and $0.3070.
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