In the past few sessions, ripple price declined steadily from the $0.3050 resistance against the US Dollar. The XRP/USD pair traded below the $0.2920 and $0.2850 support levels. Moreover, there was a close below the $0.2850 support and the 100 hourly simple moving average. It opened the doors for more downsides and the price traded to a new weekly low at $0.2683.
At the moment, the price is currently correcting higher towards the $0.2800 level. It is trading near the 23.6% Fib retracement level of the last decline from the $0.2977 high to $0.2683 low. On the upside, there are many hurdles near the $0.2820 and $0.2850 levels. Moreover, there is a major bearish trend line forming with resistance near $0.2820 on the hourly chart of the XRP/USD pair.
The trend line is just below the 50% Fib retracement level of the last decline from the $0.2977 high to $0.2683 low. If there is an upside break above the trend line, the price could face resistance near the $0.2850 level.