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FX.co ★ Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday 06, 2023.

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Crypto Analysis:::2023-01-06T07:56:03

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday 06, 2023.

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday 06, 2023.

On the 4-hour chart the Ripple Cryptocurrency appears to be under Bearish pressure where this is confirmed by:

1. The price movement is moving in a downward (Bearish) channel,

2. EMA 50 & 200 is in a Death Cross condition.

3. The Awesome Oscillator indicator is below level 0.

Even though it is supported by the three facts above, currently the bearish movement is stuck at the level of the Bullish Fair Value Gap area which functions as a quite significant support level. If Ripple manages to break below 0.3281, Ripple will have the potential to test a drop to the level of 0.2985 but if the level is the Bullish Fair area The Value Gap managed to halt Ripple's decline until Ripple corrected, rallied upwards past the 0.3525 level, so the scenario described earlier would become invalid and cancel itself.

(Disclaimer)

Analyst InstaForex
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