Bottom line: Ripple produces a sharp corrective drop and carves a potential bottom around 0.2229 or could be very close. The bullish structure remains intact until prices stay above 0.1760, going forward.
Technical Analysis:
Ripple seems to have completed its corrective drop in a flash, hitting Fibonacci 0.618 retracement of the entire rally between 0.1760 and 0.3463 around 0.2418 levels. In fact, prices have pierced lower and hit the past resistance turned support zone around 0.2250 levels. Looking at the immediate wave counts, Ripple looks to have completed an a-b-c zigzag drop to terminate one higher degree Wave 2 around the 0.2230 mark. Please note that the rally from 0.1760 through 0.3463 could be seen in 5 waves terminating Wave 1 earlier. Also note that a strong price resistance around 0.3150/0.3250 was taken out as well, calling for a potential pullback. Now, just after about 12 days, Wave 1 has been retraced lower and a potential Wave 2 could be in place around 0.2230 levels. If the above wave counts are correct, Ripple could be setting up for a Wave 3 rally that is expected to push through 0.5000 levels, going forward. Furthermore, if Wave 3 turns out to be extended one, we might witness price break above 0.8000 and 1.000 levels respectively. As we have been discussing earlier, most traders might be willing to enter fresh long positions at Wave 2 termination, with a protective stop at 0.1760 and potential targets above 0.5000 mark, in the coming few weeks. For the long term, Ripple could be preparing to push higher towards 3.3000 levels as a higher degree Wave (3) progresses. Watch out for a bullish reversal around current price action as traders prepare themselves to position for a potential Wave 3 rally ahead.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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