Ripple (XRP) Nosedives Below $0.30: Is This Fresh Decline or Just Correction?

Ripple declined heavily from well above $0.3200 against the US Dollar. XRP price even dived below $0.3000 and it could continue to move down in the near term.Ripple price fell sharply after the bears were able to clear the $0.3000 support against the US dollar.
The price traded as low as $0.2677 and it is currently correcting losses.
There are two connecting bearish trend lines forming with resistance near $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
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