Ripple Technical Analysis: XRP/USD dominated by bears as price hits lowest levels in 3 weeks, small bounce which may be temporary, Ripple ran well into oversold territory

• Ripple price came under heavy selling pressure in the early part of the session on Wednesday, dropping as much as 7%.
• XRP/USD drops to lowest levels in over 3 weeks, pushing to lows of $0.5194.
• On the 60-minute chart, the RSI well run its course into oversold territory.

XRP/USD 60-minute chart

Spot rate:                                     0.5377

Relative change:               – 3.40%

High:                                                     0.5620

Low:                                                       0.5194

Trend:                                                   Bearish

Support 1:                                  0.5195, (support on 60-minute chart).

Support 2:                                    0.4915, 25th April lows.

Support 3:                                    0.4555, 1st April lows.    

Resistance 1:                           0.5440, 12th June lows.

Resistance 2:                           0.5690 50MA.

Resistance 3:                           0.5945, supply zone.