The price of XRP has once again recently fallen from the important golden ratio level of around $0.75. Afterwards, the price of Ripple entered a correction phase.
The question is: How much will the price of Ripple fall? Is the corrective movement expected to be prolonged?
XRP Price Faces Clear Rejection at Golden Ratio Levels
This month, the price of XRP approached the important golden ratio resistance level at around $0.75. However, at this point it faced considerable resistance.
As a result, the histogram of Moving Average Convergence Divergence (MACD) shows a bearish trend despite the MACD line maintaining a bullish crossover. The Relative Strength Index (RSI) remains neutral.
Currently, XRP has significant Fibonacci support around $0.52. Additionally, the 50-month exponential moving average (EMA) provides supplementary support at this level.
Read more: How to Buy XRP and Everything You Need to Know
The integrity of the bullish momentum depends on Ripple’s ability to sustain levels above this critical support.
Weekly Chart Analysis: XRP Price Sends Bearish Signals.
On the weekly chart, we are seeing some bearish signals among the indicators. The golden crossover continues, confirming a medium-term bullish trend, while the MACD line is on the verge of a bearish crossover. Moreover, the MACD histogram is showing a downward trend this week.
Meanwhile, RSI remains neutral and does not give any clear bullish or bearish signs. Nonetheless, Ripple is likely to bounce back bullishly from the golden ratio support level of around $0.52.
At this time, the 50-week EMA and 200-week EMA serve as secondary support.
Daily chart confirms bullish trend in XRP price
On the daily chart, the bullish trend is confirmed by the golden crossover of the EMA. However, a bearish sign appears when the MACD line crosses in a bearish manner and the MACD histogram shows a downward trend.
Meanwhile, RSI is located in the neutral zone and does not provide bullish or bearish signals.
Watch out: Death Cross appears on the 4H charts
On the 4-hours chart, the MACD line has crossed bearishly with a downward trend on the MACD histogram. RSI is currently positioned in the neutral zone.
Read more: How to Sell Ripple
Moreover, the EMA is likely to form a dead cross soon, confirming the bearish trend in the near term. As a result, prices have already fallen by more than 22%.
XRP price falls compared to Bitcoin
On the 4-hours chart, the MACD line has crossed bearishly with a downward trend on the MACD histogram. RSI is currently positioned in the neutral zone.
Moreover, the EMA is likely to form a dead cross soon, confirming the bearish trend in the near term. As a result, prices have already fallen by more than 22%.
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