Technical Analysis of Daily Price Movement of Ripple Cryptocurrency, Friday May 12 2023.
May 12, 2023 9:22 am
If we Pay attention on the daily chart of Ripple cryptocurrency then Ripple seems move inside Bearish bias. It’s clearly seen by:
1. Its price movement inside the downside channel.
2. The appearance of Bearish 123 pattern followed by the penetration from a few of Bearish Ross Hook.
3. Price movement which moved below its Moving Average.
4. MACD inside the Positive SELL condition.
Based on the four things above then it is confidmed that #RPL bias is Bearish. However, because currently Ripple is in the Bullish Fair Value Gap area and is approaching the Support level formed from the Daily Bullish Orderblock 0.3915 in the next few days when these levels are being tested and managed to halt the rate of decline, then Ripple has the potential to be corrected to rally up and back up to the level 0.4797 as the first target and the level 0.5358 as the second target with a note that when the decline does not exceed below the level 0.3706 because if this level is successfully broken down then the scenario of a bullish rally correction described previously will cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we Pay attention on the daily chart of Ripple cryptocurrency then Ripple seems move inside Bearish bias. It’s clearly seen by:
1. Its price movement inside the downside channel.
2. The appearance of Bearish 123 pattern followed by the penetration from a few of Bearish Ross Hook.
3. Price movement which moved below its Moving Average.
4. MACD inside the Positive SELL condition.
Based on the four things above then it is confidmed that #RPL bias is Bearish. However, because currently Ripple is in the Bullish Fair Value Gap area and is approaching the Support level formed from the Daily Bullish Orderblock 0.3915 in the next few days when these levels are being tested and managed to halt the rate of decline, then Ripple has the potential to be corrected to rally up and back up to the level 0.4797 as the first target and the level 0.5358 as the second target with a note that when the decline does not exceed below the level 0.3706 because if this level is successfully broken down then the scenario of a bullish rally correction described previously will cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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