Forex Technical Analysis:Ripple Takes Out Resistance At 0.2325

Bottom line:  Ripple bullish structure remains intact until prices stay above 0.1746 lows.…

Bottom line:  Ripple bullish structure remains intact until prices stay above 0.1746 lows. Bulls are poised to print higher highs and higher lows going forward.

Technical Analysis:

Ripple remains firmly in control of bulls, as they take out immediate resistance at 0.2325 levels. Ripple bulls have managed to print fresh highs at 0.2450 on January 14, 2020 registering them to be back in control. Looking at the short term wave counts (not labelled here), Ripple might have unfolded into 5 waves between 0.1750 and 0.2450 respectively. Wave I terminated around 0.2000, followed by a triangle wave ii termination at 0.1840. Wave iii tally might have terminated around 0.2256, with wave iv at 0.2100 and finally wave v terminating at 0.2450 levels. This could be the first lower degree impulse wave since 0.1750 lows on December 18, 2019. If the above count is correct, we should witness a 3 wave corrective drop towards 0.2016, before the rally could resume higher again. The corrective drop could a flat 3-3-5 structure between 0.2450 and 0.2016 levels respectively. Trading opportunities are being offered on both sides and one can trade according to risk appetite. An aggressive trade setup could be to sell around 0.2300 with protective stops above 0.2450 and potential targets around 0.2000. A conservative strategy could be to remain flat for now and initiate long positions around 0.2000 levels, placing protective stops at 0.7150 and potential targets towards 0.3150. Please note that 0.3150 is also the next in line resistance converging with fibonacci 1.618 extension of the impulse wave discussed above. Price action has already confirmed that the trend has reversed and that a meaningful low is in place already at 0.7150. Watch out for a corrective pullback towards 0.2000/16 levels before the rally resumes higher again.

Prepared by

Harsh Japee, Technical Analyst.

 

Ripple Chart

 


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