XRP Price Faces Strong Rejection at Key Level
The XRP price has recently faced a significant rejection at the critical golden ratio level of around $0.75. This rejection has led to a corrective phase for Ripple, raising questions about the extent of the price decline and the duration of the correction.
XRP Price Faces Clear Rejection at Golden Ratio Level
During this month, the XRP price approached the crucial golden ratio resistance level at approximately $0.75 but experienced substantial rejection at this point. The Moving Average Convergence Divergence (MACD) histogram is showing a bearish trend, despite the MACD lines maintaining a bullish crossing. The Relative Strength Index (RSI) remains neutral.
Currently, XRP is finding support at the Fibonacci level of around $0.52 and the 50-month Exponential Moving Average (EMA). Sustaining levels above this critical support will determine the integrity of the bullish momentum.
Weekly Chart Analysis: XRP Price Sends Bearish Signals
The weekly chart reveals bearish signals emerging among the indicators. While a golden crossover suggests a bullish medium-term trend, the MACD lines are on the verge of a bearish crossover. Additionally, this week’s MACD histogram shows a downward trend. The RSI remains neutral, offering no clear indications of bullish or bearish movements. However, there is an opportunity for Ripple to potentially rebound from the golden ratio support level around $0.52.
Supplementary support is provided by the 50-week and 200-week EMAs.
Daily Chart Confirms Bullish Trend for XRP Price
The daily chart confirms the bullish trend through the golden crossover of the EMAs. However, there are bearish indications as the MACD lines have crossed in a bearish manner and the MACD histogram is trending downwards. The RSI is currently in neutral territory, not providing any clear signals for bullish or bearish movements.
Watch Out: Death Cross Looms on 4H Chart
In the 4-hour chart, the MACD lines have crossed bearishly, accompanied by a downward trend in the MACD histogram. The RSI is currently situated in neutral territory. Additionally, there is a possibility of the EMAs forming a death cross soon, confirming a short-term bearish trend. As a result, the price has already experienced a decline of over 22%.
XRP Price Descending Against Bitcoin
When comparing XRP to Bitcoin, the 4-hour chart also shows a bearish crossover of the MACD lines and a downward trend in the MACD histogram. The RSI remains in neutral territory. There is a possibility of the EMAs forming a death cross soon, confirming a short-term bearish trend. Consequently, the price has already declined by more than 22%.
Hot Take: XRP Faces Correction After Rejection at Key Level
The recent strong rejection at the critical golden ratio level has led to a corrective phase for XRP. While the weekly and daily charts provide some bullish indications, the 4-hour chart signals a potential short-term bearish trend. Traders and investors should closely monitor the price action and key support levels to gauge the future direction of XRP.
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