Relevance up to 15:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Ripple dropped through the $0.29300 lows early this week before finding support again. The crypto confirmed a bullish Morning Star candlestick pattern after bouncing from the above and rose up to the $0.34600-700 mark thereafter. High probability remains for bulls to hold prices above $0.29300 and continue pushing higher towards the $0.41000 initial resistance in the near term.
Ripple has been dropping since reaching the $1.91600 level, which was registered in April 2021. The above drop looks like a complex corrective structure, which was completed around $0.29300 early this week. A break above the initial price resistance seen through the $0.41000 mark would confirm that bulls are back in control in the near term.
Ripple might continue its drop further but ideally after a meaningful corrective rally towards at least the $0.91500 level. Please note that it is passing close to the 0.382 Fibonacci retracement of the entire drop between the $1.91600 and $0.29300 levels respectively. Traders might be willing to initiate fresh long positions against the $0.29300 mark.
Trading plan:
Potential rally through $0.91500 against $0.29300
Good luck!
