Bottom line: Ripple medium term bullish structure remains intact with potential higher degree Wave (2) in place just above 0.2000 levels.
Technical Analysis:
Ripple bulls are in control with 0.2025 lows in place on November 25, 2019 and prices carving a potential higher low at 0.2174 levels today. The short term structure since 0.2025 lows might be either seen as a sideways consolidation, or a lower degree wave 1 and 2 being carved out at 0.2340 and 0.2174 respectively. A break below 0.2110, would threaten the 0.2025 lows and possible print lower before finding support again. Another wave count would suggest that a lower degree wave 1 is in place between 0.2025 and 0.2340 respectively. Since then, a potential wave 2 is being carved out which could be a flat/running flat or a triangle. If the latter count is correct, wave 3 should be seen as a sharp rally towards 0.2700 levels at least and prices would ideally hold above the 0.2110 mark. Furthermore, a price break above 0.2330 levels would accelerate the above rally since an interim resistance would be taken out. The medium to long term wave structure remains bullish already and a higher degree corrective Wave (2) is potentially in place at 0.2025 levels as seen here. A Wave (3) rally should be underway anytime soon, taking prices much higher than 3.5000 mark going forward. This would take time and a break above immediate price resistance at 0.3150 levels would confirm that bulls are firmly in control. Hence, a high probable trade direction from here could be seen on the north side, against 0.2000 levels, with potential short term targets above 0.3150 levels and long term targets above 3.5000 mark. A more conservative trading approach would be to allow price break above 0.3150 levels and then buy on dips, going forward.
Prepared by
Harsh Japee, Technical Analyst
Ripple Chart
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