A negative trend continues in the price of Ripple (XRP) in the days when Bitcoin fails the peak test. Investors have been frequently investigating in which direction the XRP price will move in the coming days.
It remains unclear when the ongoing correction in Ripple will end. In this article, we will take a look at the technical outlook on the US-based blockchain company's main cryptocurrency.
Fibonacci Barrier in XRP
Over the past seven days, XRP price has partially recovered without correcting. However, as of yesterday, Ripple showed a downward movement again.
The recent decline occurred as Ripple tested the 0.382 Fibonacci resistance at around $0.632. Based on the Fibonacci retracement, XRP has the potential to visit the $0.52 support again.
Despite this decline, the daily chart displays a more bullish outlook. The Moving Average Convergence Divergence (MACD) indicator indicates bullish possibility for Ripple. RSI, another momentum indicator, is in the neutral zone.
Will the Decline in Ripple Continue? Pay Attention to the 4-Hour Period
In the technical outlook of XRP, the 4-hour period reveals a more negative scenario. The MACD lines are on the verge of a move into the bearish zone. In the short term, the Relative Strength Index (RSI) indicator remains neutral.
Additionally, the RSI is trending in the neutral zone and does not signal a clear bullish or bearish momentum. On the weekly chart, the MACD is currently in the negative zone.
A notable resistance level for Ripple on the upside is $0.75. The main support level is around $0.53, and if this level is broken, the XRP price may drop to $0.43.
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