Ripple Price Analysis: XRP Could Dip and Rip Above $0.3200

Ripple price spiked above the $0.3210 level recently and later dipped below $0.3150 against the US dollar.
There is a declining channel in place with support at $0.3130 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could dip below the $0.3130 support before it may bounce back above $0.3160 and $0.3200.Ripple price is slowly retreating from recent highs against the US Dollar and Bitcoin. XRP/USD is likely forming a dip and rip scenario with supports near the $0.3120