Forex Technical Analysis:Ripple Completes Potential Correction At 0.1969

Bottom line:  Ripple prints a potential bottom at 0.1969 yesterday; and a break above 0.23…

Bottom line:  Ripple prints a potential bottom at 0.1969 yesterday; and a break above 0.2335 would confirm the same.

Technical Analysis:

Ripple medium term bullish structure still remains intact, even though bears managed to print lower at 0.1969 yesterday. Looking at the long term wave structure, an impulse wave was in place between 0.1600 and 3.3000 levels during the periods July 2017 and January 2018 (this has not been displayed here). The drop since then can be seen complex corrective wave A-B-C, which could be complete at 0.1969 lows yesterday. Both the above waves are seen as potential Wave (1) and (2) respectively, producing a classic 5-3 Elliott Wave pattern. Ideally, another 5 wave rally should be seen from current levels, at the same degree pushing prices above the 3.3000 mark easily. For the above structure to hold good, Ripple should stay above 0.1600 levels, going forward. Looking at the short term wave structure, we cannot see an impulse rally yet to confirm a bullish reversal but high potential remains for a turn around. A more conservative and safe trading strategy could be to remain flat for now, and allow prices to break above immediate resistance at 0.2340 levels. Thereafter, one could be looking to buy on dips, with potential stop loss below 0.1969 levels and potential price targets above 0.3150 levels at least. Please note that a 5 wave rally of the same degree should be underway once the above resistance is taken out. If the above structure holds well, Ripple should be seen to push above 3.3000 levels as Wave (3) unfolds, going forward. Watch out for a rally to break above 0.2340 levels at least, to confirm a meaningful bottom is on place at 0.1969 levels. Look to buy on dips thereafter, with 0.3150 as the next resistance in line, to be taken out.

Prepared by

Harsh Japee, Technical Analyst

 

Ripple Chart

 


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