Bottom line: Ripple bullish structure remains intact as bulls manage to hold above 0.1760 levels. A push above 0.2300 and subsequently 0.3150 would be extremely constructive for further rally.
Technical Analysis:
Ripple bulls remain in control as prices manage to push above 0.2000 levels, which could be the beginning of a sustained rally through 0.3150 at least. Looking at the short term wave structure, Ripple seems to have produced lower degree waves I and ii around 0.2000 and 0.1850 levels respectively. With prices pushing above 0.2000 mark, wave iii might have already resumed from 0.1850 levels and is expected to terminate above 0.2300. If the above structure holds well, Ripple should ideally stay above 0.1760 and push through resistances at 0.2300 and 0.3150 respectively. The overall wave structure reveals that Ripple had produced a complex corrective wave since 3.3000 highs earlier. The entire drop between 3.3000 and 0.1760 could be seen as a higher degree Wave (2) correction. If the above structure holds well, a similar degree Wave (3) rally could be expected to sub divide into 5 waves and push above 3.3000 respectively. Hence a high probable trade setup could be expected higher, against 0.1760, with potential targets at 0.3150 (short term) and above 3.3000 (long term). A more conservative trading approach could be to remain flat for now and allow prices to break above 0.3150 levels, which is immediate resistance. Then look to buy on dips lower, against 0.1760, going forward. Alternately, a push below 0.1760 would be serious concern to the above bullish structure. Immediate wave structure looks higher towards 0.2300/0.2400 and 0.3150 respectively, before a meaningful correction takes place. This falls in line with the wave counts of other Crypto currencies, which are already underway towards printing higher highs and highs lows, going forward.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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