Bottom line: Ripple could correct lower towards 0.2050/60 levels in the short term. This would still keep the overall bullish structure intact until 0.1760 holds.
Technical Analysis:
Ripple bulls had managed to push through 0.2300/50 resistance printing intermediary highs at 0.2545 levels on January 18, 2020. This should be seen as first confirmation of a trend reversal as discussed earlier. Ideally a pullback should be underway now and drag prices towards 0.2050/60 levels before the next rally. Looking at the lower degree wave counts since 0.1760 lows, Ripple seems to have completed 5 waves (not labelled here) through 0.2545 levels. Furthermore, the drop between 0.2545 through 0.2240 could be partial retracement and prices may extend towards 0.2050/60 to complete a zigzag (corrective wave). Also note that back side of past resistance trend line is seen through 0.2050 levels, which should act as a strong support. If the above counts are correct, Ripple is expected to complete its corrective drop at 0.2050/60 and resume a lower degree wave iii higher. A safe trading strategy could be to again buy around 0.2050/60 levels, with a protective stop below 0.1760 and potential targets above 0.3150 at least. The larger degree wave counts suggests that Ripple might have already carved a larger degree Wave (2) at 0.1760 in December 2019. If this count holds well, a Wave (3) rally might be underway since 0.1760 lows and push prices above 3.3000 levels in the long term. Medium term price targets are 0.3150, followed by 0.5100 and 0.8000 respectively. Conservative traders might have remained flat until now and the corrective drop towards 0.2050/60 should be taken as an opportunity to initiate long positions as discussed above. Ripple bulls remain in control for now and it remains a great candidate to be bought on dips.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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