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23.02.202407:57 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday February 23 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 23.02.2024 analysis

From what we can see, the price movement of the Ripple cryptocurrency on the 4-hour chart shows that there is a Bearish 123 pattern followed by a Ross Hook, coupled with the Ripple price movement which is below WMA 20 which has a sharp downward slope and the Stochastic Oscillator indicator which is crossing downwards, so It is certain that the weakening momentum on Ripple's 4-hour chart is quite strong so that in the near future as long as there is no upward correction that breaks above the 0.5733 level, Ripple will try to breaks below the 0.5322 level. If this level is successfully breaks below, the main target to be achieved is level 0.5148 as the main target and level 0.4982 as the next target if the momentum and volatility are strong enough.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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