Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday October 13, 2023.
October 13, 2023 7:25 am
If we look on the 4 hour chart of Ripple Cryptocurrency there is still inside the weakness condition where it is confirmed by the price movement which is under the Death Cross Kumo, Tenkan Sen and Kijun Sen, as well as the Chikou Span which position below the price movement and automatically under the Kumo. However, with the condition of the slope of the Chikou Span which is slightly dipping upwards thus forming new support for Ripple but also giving an indication that there will be an upward retrace to test the 0.4971-0.5019 area level. If this area level is strong enough to withstand the upward retrace rate then Ripple has the potential to continue its weakening again to level 0.4294, but if the opposite happens, especially if the upward retrace continues and manages to breaks above the 0.5105 level, then the weakening scenario that occurs in Ripple as previously described will cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look on the 4 hour chart of Ripple Cryptocurrency there is still inside the weakness condition where it is confirmed by the price movement which is under the Death Cross Kumo, Tenkan Sen and Kijun Sen, as well as the Chikou Span which position below the price movement and automatically under the Kumo. However, with the condition of the slope of the Chikou Span which is slightly dipping upwards thus forming new support for Ripple but also giving an indication that there will be an upward retrace to test the 0.4971-0.5019 area level. If this area level is strong enough to withstand the upward retrace rate then Ripple has the potential to continue its weakening again to level 0.4294, but if the opposite happens, especially if the upward retrace continues and manages to breaks above the 0.5105 level, then the weakening scenario that occurs in Ripple as previously described will cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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