Ripple is struggling to pull back. The 20-day EMA has turned down and the RSI is close to the oversold levels. This shows that the bears are overpowering the bulls in the short term.
The first level to watch on the downside is $0.33108. Below this, the next support is at the Nov. 25 intraday low of $0.31123. A break of this level will result in a retest of the critical support at $0.24508. Traders can watch the $0.30 level closely and liquidate positions if the bears sustain the price below the support line of the descending channel.
If the XRP/USD pair attracts buyers at one of the above-mentioned support levels, it will move up to $0.40, which will act as a major resistance, as the 20-day EMA is located at this level. After this level is crossed, we expect the bulls to pick up momentum.