Ripple recently saw an upward trend in its market performance, showing signs of recovery. The question now remains whether Ripple can successfully overcome current resistance levels. Yesterday, Ripple faced significant resistance, leading to an initial rejection of the downward trend. The focus today is on whether Ripple can surpass these resistance barriers.

Recent Developments for Ripple

Approximately a week ago, XRP found support near the golden ratio around $0.475, leading to an upward movement. Subsequently, Ripple reached resistance close to the 200-day EMA average of $0.567 yesterday. Despite this, Ripple encountered an initial downward trend at this point. However, the MACD indicator continues to indicate bullish signals.

The MACD histogram and lines depict a bullish trend, alongside a neutral RSI level, suggesting that XRP could make another attempt to break through the 200-day EMA resistance at around $0.57 today.

A successful breakthrough of the 200-day EMA average may propel Ripple towards the $0.63 golden ratio resistance. However, exceeding this Fibonacci level could negate the corrective movement. Additionally, a death cross was identified on the daily chart a few days ago, confirming a short and medium-term downward trend.

Chart Analysis for Ripple

In Ripple's 4-hour chart, a death cross is evident, reinforcing a short-term downward trend. Furthermore, the MACD lines are close to indicating a downward trend, suggesting further potential for a decline.

The weekly chart for Ripple displays a bullish trend in the MACD histogram since the previous week. However, the MACD lines still show a downward crossover, while the RSI remains neutral. XRP is currently met with significant resistance at the $0.55 level at the 0.382 Fib level, with the 50-week EMA providing additional resistance at this point.

The article was originally published on COINTURK NEWS.