Ripple Price Analysis: XRP/USD Nosedives, Recoveries Remain Limited

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Key HighlightsRipple price fell significantly and broke the $0.2800 and $0.2600 supports against the US dollar.Yesterday’s highlighted important bearish trend line is intact with resistance near the $0.2950 level on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently correcting higher, but it could face sellers near $0.2700 and $0.2800.Ripple price nosedived against the US Dollar and Bitcoin. XRP/USD may perhaps recover a few points, but it is likely to face sellers near $0.2800.Ripple Price DeclineYesterday, we discussed that Ripple price could drop towards the $0.2600 level against the US Dollar. The XRP/USD pair failed to move past the $0.2900 and $0.3000 resistance area, which resulted in a bearish wave. The price dropped and not only broke the $0.2600 support, but it also cleared the $0.2500 support. A new monthly low was formed at $0.2471 and the price is currently correcting higher.It is testing the