The recent 33% decline in Ripple’s (XRP) price has raised questions about whether this downward trend will continue or if a correction is nearing its end.

Currently, Ripple is finding significant support, which could play a crucial role in determining its next price movement. If this support level holds, it may provide a foundation for stabilization or a potential rebound.

However, if this support is breached, Ripple’s price could decline further, potentially falling to a lower level.

Ripple’s Price Trending Downward in Correction Since November

In November, XRP experienced a bearish rejection at the golden ratio resistance level, approximately at $0.75. This led to a corrective movement since then.

This month, XRP found support at the 50-month Exponential Moving Average (EMA), around $0.518, where it initially seemed to be rebounding in a bullish manner. However, the Moving Average Convergence Divergence (MACD) histogram has begun to trend downwards in a bearish direction this month, indicating a shift in momentum.

Despite the bearish trend in the MACD histogram, the MACD lines are still in a bullish crossover, and the Relative Strength Index (RSI) remains neutral, not indicating a clear directional trend.

The combination of these factors in the monthly chart – the initial bullish rebound from the 50-month EMA, the bearish turn in the MACD histogram, along with the bullish MACD lines and a neutral RSI – results in a somewhat bearish overall outlook for Ripple in the near term.

This indicates a period of mixed signals and potential volatility for XRP’s price.

Is Ripple’s Price Headed for a Correction to $0.45 Golden Ratio Support?

Ripple’s (XRP) price is at the 50-week Exponential Moving Average (EMA) of around $0.547. Should this s

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Author: Ryan James

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