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The price of Ripple registered an aggressive correction after reaching 0.5582 last week's high. Now, it is trading at 0.4313 at the time of writing. It has dropped by 25.30% from last week's high to 0.4170 today's low.
After its strong rally, a temporary drop was natural. The rate could test and retest the near-term support levels before trying to develop a new leg higher. In the last 24 hours, XRP/USD is down by 2.96% but it's still up by 10.22% in the last 7 days.
Technically, Ripple found resistance at the ascending pitchfork's warning line (WL1) and now it was almost to reach the median line (ml) and the 61.8% (0.4102) retracement level.
XRP/USD could find support at these levels and it could start increasing again. A valid breakdown through these levels activates more declines.
Testing and retesting the median line (ml), 0.4098 static support, and the 61.8% retracement level, registering only false breakdowns may announce a new bullish momentum. This scenario brings new long opportunities.
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