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A few days ago, Ripple showed an upward trend, experiencing a recovery. The question of whether Ripple can now successfully overcome current resistance levels still persists. Yesterday, Ripple encountered significant resistance, initially leading to a rejection of the downward trend. The main focus today is whether Ripple can overcome these resistance barriers.
What’s Happening on the Ripple Front?
About a week ago, XRP found support at the golden ratio of approximately $0.475, leading to an upward trend. Subsequently, Ripple rose, reaching resistance near the 200-day EMA average of $0.567 yesterday. However, Ripple initially faced a downward trend at this level. Nevertheless, the Moving Average Convergence Divergence (MACD) indicator continues to give bullish signals.
The bullish trend shown by the MACD histogram and MACD lines, along with a neutral Relative Strength Index (RSI) level, suggests that XRP could attempt another breakthrough at the 200-day EMA resistance of about $0.57 today.
A successful breach of the 200-day EMA average could push Ripple towards the $0.63 golden ratio resistance. However, surpassing this Fibonacci level could invalidate the corrective movement. Additionally, a few days ago, a death cross was observed on the daily chart, confirming a short and medium-term downward trend.
Ripple Chart Analysis
Ripple’s 4-hour chart shows a death cross that reinforces a short-term downward trend. Moreover, MACD lines are on the verge of a downward trend, signaling further downward potential.
Ripple’s weekly chart shows a bullish trend in the MACD histogram since last week. However, MACD lines continue to show a downward crossover, and the RSI maintains a neutral stance. XRP is currently facing significant resistance at the $0.55 level at the 0.382 Fib level, with the 50-week EMA adding more resistance at this level.
