Step 1: Bound and monotonicity directly from an inequality.
For $0<x<4$ we compare $x$ with $x_{n+1}=2-\sqrt{4-x}$. We claim $\sqrt{4-x}>2-x$ for every $x$ in $(0,4)$. If $x\leq2$, then $2-x\geq0$, and squaring both sides gives $4-x>4-4x+x^2$, that is $x(3-x)>0$, true because $0<x\leq2<3$. If $2<x<4$, then $2-x<0\leq\sqrt{4-x}$, so the inequality holds automatically. So $x>2-\sqrt{4-x}=x_{n+1}$.
Step 2: The sequence is trapped and shrinking.
Step 1 shows $x_{n+1}<x_n$ for every term, so the sequence is strictly decreasing. Also $\sqrt{4-x_n}\in(0,2)$ whenever $x_n\in(0,4)$, so $x_{n+1}=2-\sqrt{4-x_n}\in(0,2)$, keeping every later term positive. A decreasing sequence bounded below by $0$ must converge to some limit $L\geq0$.
Step 3: Pin down $L$ using the fixed point equation.
Passing to the limit gives $L=2-\sqrt{4-L}$, so $\sqrt{4-L}=2-L$. Squaring gives $L^2-3L=0$, giving $L=0$ or $L=3$. Because the sequence stays in $(0,2)$, the value $L=3$ cannot be the limit, so $L=0$. Statement (I) holds.
Step 4: Get the ratio from a first order expansion near $0$.
Near $x=0$, write $\sqrt{4-x}=2\sqrt{1-x/4}$. Using $\sqrt{1-u}\approx1-\dfrac{u}{2}$ for small $u=x/4$, gives $\sqrt{4-x}\approx2-\dfrac{x}{4}$. So for small $x_n$,
\[
x_{n+1}=2-\sqrt{4-x_n}\approx2-\left(2-\frac{x_n}{4}\right)=\frac{x_n}{4}.
\]
Step 5: Take the limit of the ratio.
So $\dfrac{x_{n+1}}{x_n}\approx\dfrac{1}{4}$ once $x_n$ is small, and since $x_n\to0$ this becomes exact in the limit, giving $\dfrac{x_{n+1}}{x_n}\to\dfrac{1}{4}$. Statement (II) also holds.
Both statements are correct.
\[
\boxed{\text{Both statements (I) and (II) are correct}}
\]