Last month, XRP faced a bearish rejection at the Golden Ratio resistance level, indicating a possible phase of correction for Ripple. The price initially corrected down to the 0.382 Fibonacci support level and experienced a bullish bounce. However, current market indicators and the recent bearish rejection suggest that Ripple could be entering a stronger downward trend.
Monthly Chart of Ripple: MACD Continues to Display Bullish Trend
On the monthly chart, XRP found support at the 0.382 Fibonacci level after the bearish rejection. If this support level is breached, significant support is expected at the 50-month Exponential Moving Average (EMA). As long as Ripple remains above this level, the medium-term upward trend remains bullish.
Weekly Chart: MACD Histogram Shows Bearish Downtick
In the weekly chart, the Moving Average Convergence Divergence (MACD) histogram is trending downwards, indicating a bearish shift. However, the MACD lines remain in a bullish crossover and the Relative Strength Index (RSI) is neutral.
Daily Chart Update: Mixed Indicators Emerge in Recent Analysis
The daily chart shows a mix of bullish and bearish signals. While there is a golden crossover indicating a bullish trend, the MACD lines have undergone a bearish crossover and the RSI is neutral. The formation of a lower high suggests continued downward movement.
Potential Death Cross Looming in the 4H Chart Analysis
In the 4-hour chart, the MACD lines have completed a bearish crossover and the EMAs are approaching a potential bearish crossover, signaling a short-term bearish trend. However, the MACD histogram shows bullish momentum and the RSI is in a neutral state.
XRP Price Holds at 0.0000155 BTC Golden Ratio Support Against BTC
In its trading pair with Bitcoin, XRP is facing the possibility of a bearish break below the golden ratio support level. The MACD histogram has been showing a bearish trend and the MACD lines are on the verge of a bearish crossover. The RSI is neutral but nearing oversold regions.
Hot Take: Ripple Faces Potential Correction as Bearish Signals Emerge
Ripple’s recent price action suggests a potential correction, with various chart indicators showing mixed signals. While there are bullish trends in the medium term, bearish signals are emerging in the short term. This complex market scenario indicates the need for caution and further analysis to determine the future direction of Ripple’s price.
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