XRP encounters bearish rejection at crucial Fibonacci resistance, signaling challenging times ahead. Golden crossover suggests short-term bullish trend, but MACD indicators remain mixed.
The XRP price recently faced a strong barrier at the key Fibonacci level of approximately $0.65, encountering a bearish rejection at this critical resistance point.
This rejection indicates a challenging path ahead for Ripple’s price trajectory.
XRP Price Downtrend?
Just a few days back, the XRP price approached the crucial golden ratio resistance at $0.65, but it experienced a bearish setback following several unsuccessful attempts to breach it. As a result, XRP retraced to seek support near the golden ratio at $0.55, from which it initiated a bullish recovery.
Notably, a golden crossover has emerged in the daily chart, signaling a bullish trend in the short to medium term.
However, the moving average convergence/divergence (MACD) histogram has shown a bearish decline since yesterday, despite the MACD lines maintaining a bullish crossover, while the Relative Strength Index (RSI) remains in neutral territory.
XRP’s 4H Chart: Golden Crossover
A golden crossover has taken place in XRP’s 4-hour chart, confirming a short-term bullish trend, even though the MACD lines remain crossed bearishly. Nevertheless, the RSI is neutral, and the MACD histogram demonstrates bullish momentum.
Nevertheless, XRP is encountering resistance around $0.608 at the 50-4H-EMA, impeding its advancement.
Consequently, XRP might retreat to locate support near the golden ratio at $0.55 unless it effectively surpasses the golden ratio resistance at $0.65 to conclude the correction.
Ripple’s Weekly Chart: Bullish Indicators
In XRP’s weekly chart, a golden crossover is indicating a bullish trend for the medium term, supported by an uptick in the MACD histogram. While the MACD lines are on the brink of a bullish crossover, the RSI remains neutral.
Breaching the Golden Ratio resistance at $0.65 could propel XRP towards significant Fibonacci resistance at $0.75, followed by further resistance at $0.923.
Conversely, if XRP retraces, it may discover support near the golden ratio at $0.54, where the 50-week EMA is also situated.
Ripple’s Monthly Chart: MACD Shows Bullish Trend
In the monthly chart, XRP indicators favor bullishness with a neutral RSI and a bullish crossover in the MACD lines, accompanied by an upward trend in the MACD histogram.
This upward momentum has been ongoing for months, but XRP has yet to witness a definitive bullish trend reversal. Breaking the golden ratio resistance at approximately $1.35 is crucial to achieve this.
XRP Price Remains Bearish Against Bitcoin
Ripple’s price is currently witnessing a significant downtrend against BTC, with the next notable support level for XRP price estimated at around 0.0000062 BTC.
