Bottom line: Ripple bullish structure remains firmly intact as 0.3150 resistance has been taken out. A corrective drop could be in the making.
Technical Analysis:
Ripple bulls might have produces a lower degree impulse labelled as Wave 1, as they take out 0.3150 easily and print higher at 0.3349 levels. The lower degree wave counts since 0.1760 lows are suggesting that Ripple might still have another high left before completing an impulse. In that case expect a minor correction, followed by another shallow high above 0.3349 levels respectively. Either way, we would expect a corrective phase to begin shortly towards 0.2350/0.2400 levels respectively. The overall structure remains extremely bullish in the long term while prices stay above the 0.1760 levels. The earlier complex corrective drop seems to be complete at 0.1760 with potential Wave (2) at a larger degree. If this count holds well, Ripple could be underway towards 3.3000 in the next 2 years time as Wave (3) progresses. In the medium term, 0.5000 should be followed by 0.8000 and higher as lower degree waves unfold. Since mid 2017 lows, Ripple might have produced a 5-3 pattern which should be ideally followed by another 5 waves up. If the larger counts are correct, prices should remain above 0.1760 and continue printing higher highs and higher lows going forward. Traders who took aggressive long positions earlier might be looking to consider taking profits around 0.3300/3400 levels and remain aside. Aggressive traders might be willing to take the risk of initiating short positions with protective stop above 0.3500 and potential targets around 0.2350/0.2400 levels respectively. A more conservative trading strategy could be to remain flat for now and consider longs after a 3 wave corrective drop completes as lower degree Wave 2 termination. Watch out for the correction to take shape sooner.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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