Ripple has formed a large descending triangle pattern. It broke below the critical $0.56270 support on May 28 but rebounded on the next day. It is currently facing resistance at the 20-day EMA, which has turned down.
If the next dip holds above $0.54, the traders can wait for a break out above the 20-day EMA to go long. The minimum upside target objective of such a trade is a move back to $0.8. We can expect a rally to $1.2 if the XRP/USD pair breaks out of the downtrend line of the descending triangle.
If the $0.54 level breaks, a fall to $0.45 is likely. This is the last support, below which the digital currency can sink to $0.24.