Ripple Technical  Analysis: XRP/USD bounces off support within fast moving descending channel, but fall may not be over yet

• Ripple price on Wednesday trading up within decent gains of over 2% in the session.  
• XRP/USD price received support after starting the session soft, bouncing off the lower trend line within the descending channel.
• Recent upside has been capped, as price is rejected attempting to breakout of mentioned pattern.  

XRP/USD 60-minute chart  

Spot rate:                   0.53000

Relative change:       +2.45%

High:                          0.53954

Low:                           0.50640

Trend:                        Bearish/Neutral

Support 1:                  0.51400,  support on 60-minute chart.

Support 2:                  0.50640, session (Wednesday) low & demand zone.  

Support 3:                  0.49500, lower part of descending channel.

Resistance  1:             0.53375, 23.6% Fibonacci & upper part of channel.

Resistance  2:             0.54710, 50MA (60-minute).  

Resistance  3:             0.55090, 38.2% Fibonacci.