Bottom line:  Ripple bullish structure intact till prices trade above the 0.7160 lows. Intermediary corrective phase may drag prices lower to 0.2050 first, before resuming higher.

Technical Analysis:

Ripple bulls remain in control for now but be prepared for a sharp corrective drop towards 0.2050/60 levels from here, before rally resumes towards 0.3150 resistance. Looking at the lower degree wave counts since 0.7160 lows print on December 18, 2019, the first impulse or leading diagonal is ready. The counts are not labelled on chart but please find them described here.  The rally between 0.7160 was in 5 waves; I, ii, ii, iv and v terminating at 0.2019, 0.1851, 0.2255, 0.2010 and 0.2372 respectively. Also note that initial resistance at 0.2340 was taken out during this rally. As expected and discussed earlier, a corrective phase is under way and should produce 3 waves. Please note that waves a and b within the correction are in place at 0.2140 and 0.2424 respectively. If the above counts are correct, corrective wave c should drop towards 0.2050/60 levels. That should be seen as a lower degree wave 2 before wave 3 resumes towards 0.3330 going forward. Also note that 0.2050/60 is close to fibonacci 0.618 retracement of the rally between 0.1760 and 0.2437 respectively. Trading opportunities can be seen on both sides as described: Aggressive traders may want to sell around current price (0.2340/50), with protective stop loss above 0.2450 and projected target as 0.2050/60. Conservative traders may want to avoid the counter trend drop and remain flat for now. Then look to buy around 0.2050/60, with stops below 0.1760 and target as 0.3300 at least. Please note that Ripple is just in a corrective phase at the moment and hence It is always safe to trade towards the larger trend that is Up.

Prepared by

Harsh Japee, Technical Analyst.

Ripple Chart

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