As correctly predicted on the August 6, Ripple failed against the key trend line. The coin nearly touched the trend line again, however, the bears pushed it down before the contact has been made. Ripple has now made 8 consecutive bearish red candles which speaks for itself. It flushed through the 127.2% extension support and it is currently closing down on the big level - 161.8% Fibonacci support zone. The move has started around 0.0000620 and it is now approaching the support zone around 0.0000450. Given the magnitude and pace of the move, it is to be expected that a bounce will happen. Those who are looking for a bounce, place your stops against the 161.8% extension zone. The first potential profit-taking zone can be 0.000560, which represents a former horizontal support, now resistance.