The post Ripple’s (XRP) Price Trends Bearish: Is a Correction Imminent? appeared on BitcoinEthereumNews.com.

Last month, the price of XRP experienced a bearish rejection at the Golden Ratio resistance level. Following this, there’s a possibility that Ripple (XRP) might enter a phase of more pronounced correction. Initially, XRP corrected down to the 0.382 Fibonacci (Fib) support level and exhibited a bullish bounce from this point. However, current market indicators and the recent bearish rejection suggest that Ripple could now be poised for a stronger downward trend. This potential shift indicates a change in market sentiment or momentum, leading to a deeper price correction for Ripple. Monthly Chart of Ripple: MACD Continues to Display Bullish Trend Last month, XRP faced a bearish rejection at the Golden Ratio level, around $0.75, leading to a correction. The price then found support at the 0.382 Fibonacci (Fib) level, approximately at $0.573, where it initially bounced. However, if this support level is breached, significant support for Ripple is next expected at the 50-month Exponential Moving Average (EMA), around $0.516. If the price falls further, the next notable Fib support level is around $0.46. As long as Ripple maintains its position above this level, the medium-term upward trend remains bullish. XRP Price Chart. Source: Tradingview On the monthly chart, the Moving Average Convergence Divergence (MACD) histogram indicates an uptrend. Additionally, the MACD lines are in a bullish crossover, while the Relative Strength Index (RSI) is neutral. These indicators suggest a mix of potential outcomes, with a bullish medium-term outlook tempered by the possibility of short-term corrections. Weekly Chart: MACD Histogram Shows Bearish Downtick In the weekly chart for XRP, the Moving Average Convergence Divergence (MACD) histogram is trending downwards this week. This indicates a bearish shift. Despite this, the MACD lines remain in a bullish crossover, and the Relative Strength Index (RSI) is positioned in neutral territory. Read More:  Top…

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Filed under: News - @ December 14, 2023 7:26 pm