Bottom line: Ripple extends its corrective drop but the bullish structure still remains intact until prices stay above 0.1760 levels. A break above 0.2460 would confirm that bulls are in control.
Technical Analysis:
Ripple seems to be extending its anticipated corrective drop from 0.3450 levels, and has dropped towards 0.1885 levels at this point in writing. Ripple needs to hold above 0.1760 lows, to keep the bullish structure intact. Looking at the wave structure again since the 0.1760 lows, Ripple had managed to rally through 0.3450 levels in 5 waves, breaking the resistance at 0.3150 respectively. A corrective drop was expected to unfold, and since then a potential zigzag drop could be in the making. Ideally the corrective wave was expected to terminate around 0.2400 levels which is Fibonacci 0.618 retracement as well. But at times Wave 2 has terminated extremely close to the beginning of Wave 1. If the above counts are correct and the bullish structure is intact, prices should reverse ahead of 0.1760 lows, terminating Wave 2. Considering the above bullish structure and the risk reward ratio offered, most traders might be willing to initiate fresh long positions around current price (0.1877), with a protective stop below 0.1760 and projected target above 0.5000 handle. Alternately, if Ripple drops below 0.1760 handle, it is expected to be shallow; hence it might be good to remain flat rather than initiating short positions there. A classic 5-3 Elliott Wave pattern still remains to be valid until prices stay above the 0.1760 mark. The larger degree wave count also suggests that the corrective drop of one higher degree might have terminated at 0.1760 levels earlier. If the above holds, a higher degree Wave (3) could be underway since then, and terminate above 0.5000, 0.8000 and 1.0000 going forward.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
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