The upcoming Bitcoin Halving Event has many digital asset investors excited. Indeed, the moment should be vitally important to increasing the value of a shot of digital assets across the board. However, Ripple (XRP) could see its current bearish trajectory threaten its $1 hopes during the April occurrence.
Currently, the Bitcoin halving is slated to take place on April 19th. Yet, XRP appears to be on a downtrend, with its price currently at a standstill around the $0.60 mark. According to CoinMarketCap, the asset has decreased in value by more than 1% over the last 24 hours. Those losses could negate the post-halving optimism that many investors had at the start of the year.
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Ripple (XRP) Downtrend Threatens Bitcoin Halving Impact
Since the start of 2024, Ripple has emerged as an asset shrouded in excitement for investors. There was hope that its years-long lawsuit with the US Securities and Exchange Commission (SEC) would be coming to a close. Additionally, there were expectations that it could be aided by the bull market bound for the market in the coming year.
However, three months into 2024, that has proven not to be the case. Ripple (XRP) is amid a bearish trajectory that could threaten its path to $1 or any post-halving gains that investors had hoped would arrive. That concern is only growing with the asset continuing to decline today.
Over the last 30 days, Ripple has fallen more than 3%. That fact is concerning in its own right, considering how important MArrch was to gains across the board. Moreover, the Fibonacci level does not appear to benefit the asset. XRP faced bearish rejection at the 0.382 Fibonacci level, at $0.632.
Also Read: Ripple (XRP): Is $0.95 the 2024 Ceiling Amid SEC Lawsuit?
Therefore, the asset is likely to require the golden ratio support now available at the $0.52 mark. Although the Relative Strength Index (RSI) is currently negative for the asset, its 4-hour chart shows a concerning bearish development. Indeed, the MACD lines have diverged into bearish regions. Meanwhile, the MACD histogram is now showcasing downward movement for the asset.
With the Bitcoin halving fast approaching, its current predicament is even more worrisome. Many digital assets are perceiving the event as a surge in price. However, XRP’s year has been defined as negative movement at worst and a stalemate at its current $0.6 level at best. At this rate, the halving will have to eclipse the stubbornness of the asset’s value currently.