Analysis

Ripple (XRP) Price Correction: How Long Will the Downtrend Last?

The correction phase for the price of XRP is still ongoing. Investors are keen to find out if Ripple’s price will soon turn around and start moving higher again.

The price of Ripple has dropped during the last day once more. This raises concerns about the end date of Ripple’s corrective phase.

XRP Price Hurdle: Rejected Bearishly at $0.632 Fib Resistance

The price of XRP has partially recovered from its drop during the last seven days. But as of yesterday, the price trajectory of Ripple has once more shifted lower.

The most recent decline happened after bearish rejection for Ripple happened at the 0.382 Fibonacci resistance level, or roughly $0.632. As a result, Ripple might possibly go back to the $0.52 golden ratio support area.

The daily chart indicates a more positive view despite this setback. The MACD histogram, or moving average convergence divergence, is trending upward, and there may be a bullish crossover in the MACD lines.

Furthermore, there are now no definite bullish or bearish indications on the Relative Strength Index (RSI), which is in neutral area.

Bearish Ahead? Rippleā€™s 4-Hour Chart Indicators Turn Negative

The 4-hour chart has several possible bearish momentum indicators. The MACD histogram indicates a downward trend, and the MACD lines are about to enter bearish area.

In the meanwhile, there are no discernible indications of bullish or bearish momentum from the RSI, which is circling about neutral.

MACD Indicator Signals Bearish Development

Bearish signals may be seen in the weekly chart because the MACD histogram has been drifting lower since the previous week. This shows that the MACD lines may shortly cross into bearish territory.

The RSI, meanwhile, is still neutral and doesn’t provide any distinct directional signs. The initial breach of the golden ratio level is a critical aspect in determining Ripple’s future direction.

The golden ratio resistance, which is located at about $0.75, presents formidable obstacles to the upside. In contrast, a critical level of support is the golden ratio support, which is located at approximately $0.53.

The price of Ripple is expected to reach its next major support at approximately $0.43 if this level of support is breached.

Will the Price Correction Extend Through the Month?

As the MACD histogram starts to trend lower in a bearish manner for the current month, the monthly chart shows the possibility of a bearish trend beginning. This points to the possibility of a bearish April, marked by the price of XRP continuing its current fall.

In spite of this, the RSI stays neutral and provides no obvious directional clues, while the MACD lines continue to be crossed in a bullish manner, indicating continuous positive momentum.

XRP Versus Bitcoin: The Ongoing Price Decline

In relation to Bitcoin (BTC), the price of Ripple is clearly trending lower, and a crucial support level has been found at 0.0000062 BTC.

The weekly chart’s bearishly crossed MACD lines also point to a persistently negative trajectory. The RSI is currently in oversold area, while the MACD histogram shows a bullish trend.

Ripple encounters strong resistance on the upside between roughly 0.0000124 and 0.0000134 BTC.

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