XRP/USD Still Goes Down. Any Sign of Recovery?

Ripple has left the midterm descending trend line but we have drawn another short term one as the currency pair still follows a downside tendency. XRP/USD has lost over two percent in the past 24 hours. Ripple’s downtrend slows down, but it is still in place meaning bears control the market. Midterm outlook still negative. The currency pair is able to reach $0.5000.
Alternative Text: XRP/USD Hourly FIBO
Let’s have a closer look at the Hourly chart situation. XRP/USD has reached new lows on Monday and touched $0.5444 support area. The currency pair jump off this level later and crossed 2.618 retracement level as a part of bullish correction. The possible scenarios for XRP/USD are the following:
1. Red scenario (bearish). The currency pair will jump off $0.5914 resistance area and move lower aiming at 2.618 retracement level. The second target for the bears lies at $0.5444 support area.
2. Orange scenario (neutral). XRP/USD will rise towards $0.6216 and reverse towards the current support area at $0.5914.
3. Green scenario (bullish correction). The currency pair will move towards $0.6216 and cross this resistance area aiming the next on, which lies at $0.6515.

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