Ripple is hanging above the June 29 low of $0.4242 by the skin of its teeth. If this level breaks down, the next major support is at $0.24001. In between, there are minor support levels with the first one at $0.38, but it is difficult to hazard a guess where the buyers might step in.
The first sign of a pullback will be when the bulls break out of the downtrend line and the 20-day EMA. Still, it will not be a green signal to buy, because the XRP/USD pair will face resistance at $0.52 and then again at $0.56270.
We anticipate the digital currency to spend some time forming a bottom. We shall turn positive once we get a confirmation that the bottom is in place.