Bottom line: Ripple bullish structure remains intact with 0.1760 lows in place. Bulls are poised to break above 0.3150 resistance before producing a meaningful pullback.
Technical Analysis:
Ripple bulls remain firmly in control with 0.3150 as the next potential target before meaningful pullback could take place. Looking at the short term wave counts, Ripple could be close to terminating its first impulse around 0.3150 resistance. Lower degree Waves I, ii, iii, iv are already in place at 0.2019, 0.1933, 0.2545 and 0.2140 respectively and wave v is in progress towards 0.3150 and higher. We can expect a meaningful pullback after Ripple takes out 0.3150 resistance, but prices would remain well capped above the 0.1760 mark. Traders who took aggressive long positions earlier might consider taking profits around 0.3150. Conservative traders might be willing to remain flat and allow a meaningful pullback before initiating longs again. Looking at the overall wave structure, Ripple seems to have terminated a higher degree Wave (2) at 0.1760 earlier. If the above count holds true, prices should be headed much higher above 3.3000 as Wave (3) progresses. A safe trading strategy might be to consider buying on dips, with protective stops below the 0.1760 levels and projected targets above 0.5000 and higher in the medium term. Once prices break above 0.3150, a pullback could be expected close to 0.2100/0.2200 levels. This might be Wave 2 termination and could be ideal to initiate long positions again. In short, the long term bullish structure remains intact and bulls are expected to remain in control until 0.1760 holds. Also note that the counter trendline resistance would be broken with resistance at 0.3150 taken out. This would be further confirmation that larger trend has resumed towards 3.3000 and higher levels in the next 12-15 months.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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