Ripple price was already on the back foot at the beginning of last week, even before Bitcoin BTC tanked over the weekend and the flash crash only accelerated the price correction in Ripple price action. As losses mount towards 25%, investors are starting to look for being part of the XRP price action as the discount becomes very attractive. The price correction may still have some room to go, but the buyers stand ready to step in at price of $0.70 or $0.62 for a fade-in trade and run price back up towards $1.05.

XRP bulls are ready to pump prices

XRP coin price got rejected last week at price of $1.05 and saw bears taking the overhand, running price action below the 200-day Simple Moving Average, which already labeled ripple XRP price action as bearish and in a downtrend. The move over the weekend with Bitcoin BTC only accelerated that move and moved forward the price target at price of $0.78 with the monthly S1 support. With that acceleration, the Relative Strength Index overheated and traded in the oversold territory.

Although XRP price still looks heavy and has more room to go, a few key support levels are starting to be put on the bulletin board of investors where ripple XRP price action could see them stepping in and start buying everything in sight. One level is the blue descending trend line pattern from mid-August, which has been very well respected and has already triggered a bounce off throughout October. Expect the blue trend line pattern to do the same again, this time around price of $0.70. 

In case the bounce off does not do the trick, expect the support level between $0.62 - $0.58 to do the trick as that last one falls in line with the monthly S2 and should attract more buyers as the RSI will need to cool down and trade back towards the more average 50 support level. If Bitcoin BTC tanks further and keeps fueling the spillover effect that is acting as a headwind, expect a possible break below price of $0.52, opening the door for another push towards price of $0.30 with the monthly S3 support level as the end of the line.

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