XRP price continues to undergo a correction phase. Investors want to know if Ripple’s price will soon rebound and resume its upward trajectory.
Over the past day, the price of Ripple has once again been on a downward trend. This raises the question of when Ripple’s correction phase will end.
XRP Price Hurdle: Bearish Rejected by $0.632 Fib Resistance
Over the past seven days, the XRP price has partially recovered from the correction. However, starting yesterday, Ripple’s price trajectory turned downward again.
The recent decline occurred after Ripple faced bearish rejection at the 0.382 Fibonacci resistance level, which is around $0.632. As a result, Ripple may now revisit the golden ratio support around $0.52.
Despite this setback, the daily chart presents a more optimistic outlook. The Moving Average Convergence Divergence (MACD) histogram shows an upward trend, with a possible bullish crossover occurring on the MACD line.
Moreover, the Relative Strength Index (RSI) is currently in neutral territory, indicating a lack of clear bullish or bearish signals at the moment.
Read more: How to Buy XRP and Everything You Need to Know
Bearish going forward? Ripple’s 4-hour chart indicator turned negative.
There are signs of potential bearish momentum on the 4-hour chart. The MACD line is about to cross into bearish territory and the MACD histogram shows a downtrend.
At the same time, RSI remains in the neutral zone, providing no clear signals of bullish or bearish momentum.
The MACD indicator indicates a bearish trend.
There are bearish signs on the weekly chart, with the MACD histogram showing a downward trend since last week. This suggests that the MACD line may soon enter bearish territory.
Meanwhile, RSI remains neutral, providing no clear directional signal. An important factor for Ripple’s future trajectory lies in the fact that the golden ratio level will be violated first.
On the other hand, the golden ratio resistance around $0.75 represents a significant barrier. Conversely, the golden ratio support around $0.53 acts as an important level of support.
If this support level is breached, the next significant support for Ripple price is expected to be around $0.43.
Will the price adjustments be extended to this month?
The monthly chart indicates a potential bearish trend emerging as the MACD histogram has started to move lower in a bearish fashion this month. This suggests the potential for a bearish April characterized by a continued correction in the XRP price.
Nonetheless, the MACD line remains bullishly crossed, indicating continued positive momentum, while the RSI remains neutral, providing no clear directional signal.
Read more: Ripple (XRP) price prediction for 2024/2025/2030
XRP vs Bitcoin: Continued Price Decline
Ripple price is experiencing a noticeable downward trend compared to Bitcoin (BTC), with a critical support level identified at around 0.0000062 BTC.
Additionally, a bearish crossing MACD line on the weekly chart indicates a continued bearish trajectory. However, a bullish trend is observed in the MACD histogram and RSI is currently in oversold territory.
Ripple, on the other hand, faces significant resistance from around 0.0000124 BTC to 0.0000134 BTC.
The post Ripple (XRP) Price Correction: How Long Will the Downtrend Last? First appeared on BeInCrypto.