Bottom line: Ripple bullish structure is intact until prices stay above 0.2025. We remain prepared for yet another shallow low to be print below 0.2025 though.
Technical Analysis:
Ripple bulls are looking poised to regain control after printing fresh lows at 0.2025 levels on November 25, 2019; a push above 0.2350 would be minimum requirement to confirm that price action is in favour of bulls. At this point in writing, we do not have enough technical evidence to confirm that a major bottom is in place at 0.2025, except the fact that fibonacci 0.618 levels have been hit. The overall wave structure from above 0.7500 through 0.2025 seems to be a part of a larger corrective wave, that begun since 3.5000 levels earlier. The recent drop from 0.7500 levels could be seen as the last leg A-B-C, within a complex corrective drop from 3.5000. The termination at 0.2025 could be labelled as Wave (2) of a larger degree. If this wave structure holds well, we should be witnessing a Wave (3) rally of the same degree which takes prices way above 3.5000 levels. Also note that Ripple should ideally stay above 0.2025, which is potential Wave (2) termination at this point in writing. Looking at the short term wave structure, an impulse rally towards 0.3150 would be considered as confirmation of a meaningful bottom in place at 0.2025 levels. An aggressive trading strategy could be to be long against 0.2025 with potential targets above 0.3150 in the short term; while a recommended conservative strategy would be to stay aside for now and allow price action to break above 0.3150 levels first. The subsequent drops could be used as buying opportunities, against 0.2025 and potential targets above 3.5000 levels, going forward. Watch out for a break above 0.2350/0.2400 levels to get initial confirmation of price action towards 0.3150.
Prepared by
Harsh Japee, Technical Analyst
Ripple Chart
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