Bottom line: Ripple bullish structure remains intact until prices stay above 0.1760 going forward. The intermediary corrective wave is expected to drop towards 0.2130 levels before rally resumes.
Technical Analysis:
Ripple could be into its final leg of the intermediary corrective phase that had begun since 0.3450/60 levels earlier. Looking into the corrective wave structure, Ripple is most likely unfolding as a zigzag (5-3-5) and could drop one last time to complete the last wave. The termination is expected to reach 0.2130/50 levels, which is also the Fibonacci 0.786 support of the previous rally between 0.1760 through 0.3450 respectively. Please note this could be Wave 2 termination as labelled here, before bulls prepare for a sharp Wave 3 rally towards 0.5000 levels going forward. Looking at the medium term wave count since 0.1760 lows, Ripple had managed to rally towards 0.3450 levels sub dividing into 5 waves, labelled as Wave 1. Also note that major resistance at 0.3150 was taken out as well calling for a corrective drop. Since then, the crypto has produced a corrective zigzag drop and could be into its last leg, lower degree wave v within Wave c of the a-b-c drop. Ripple is drifting sideways for now, a typical wave iv property, before producing a thrust drop as wave v, towards 0.2130/50 levels. Most traders might be willing to initiate fresh long positions around 0.2130/50 mark, with a protective stop below 0.1760 and projected target towards 0.5000 respectively. Looking at the larger degree wave counts, Ripple had terminated Wave (2) at 0.1760 earlier and is progressing into Wave (3) rally, which is expected to push towards 1.000 and further towards 3.3000 levels respectively. Ripple remains bullish in the long term, and is yet again offering an excellent risk reward ratio to initiate potential longs.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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