Bottom line:  Ripple could correct lower towards 0.2050/60 levels in the short term. This would still keep the overall bullish structure intact until 0.1760 holds.

Technical Analysis:

Ripple bulls had managed to push through 0.2300/50 resistance printing intermediary highs at 0.2545 levels on January 18, 2020. This should be seen as first confirmation of a trend reversal as discussed earlier. Ideally a pullback should be underway now and drag prices towards 0.2050/60 levels before the next rally. Looking at the lower degree wave counts since 0.1760 lows, Ripple seems to have completed 5 waves (not labelled here) through 0.2545 levels. Furthermore, the drop between 0.2545 through 0.2240 could be partial retracement and prices may extend towards 0.2050/60 to complete a zigzag (corrective wave). Also note that back side of past resistance trend line is seen through 0.2050 levels, which should act as a strong support. If the above counts are correct, Ripple is expected to complete its corrective drop at 0.2050/60 and resume a lower degree wave iii higher. A safe trading strategy could be to again buy around 0.2050/60 levels, with a protective stop below 0.1760 and potential targets above 0.3150 at least. The larger degree wave counts suggests that Ripple might have already carved a larger degree Wave (2) at 0.1760 in December 2019. If this count holds well, a Wave (3) rally might be underway since 0.1760 lows and push prices above 3.3000 levels in the long term. Medium term price targets are 0.3150, followed by 0.5100 and 0.8000 respectively. Conservative traders might have remained flat until now and the corrective drop towards 0.2050/60 should be taken as an opportunity to initiate long positions as discussed above. Ripple bulls remain in control for now and it remains a great candidate to be bought on dips.

Prepared by

Harsh Japee, Technical Analyst.

Ripple Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。