Crypto: What Can We Expect From Ripple? XRP - Technical Perspective

Analysis Of The Ripple (XRP) Price Movement

Relevance up to 13:00 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.

Exchange Rates 06.07.2022 analysis

 

Technical outlook:

Ripple might be preparing to resume its rally towards $0.44800 and $0.54800 in the next few trading sessions. The crypto is trading close to $0.32250 at this point in writing and needs to break above the $0.38700 interim resistance to accelerate higher. Ideally, prices should stay above the $0.28700 interim support to keep the near-term bullish structure intact.

Ripple has completed a larger-degree corrective drop between $1.91600 and $0.28700 in the past few months. The Standard Flat correction (3-3-5) could be the beginning of a much deeper decline, which could drag the price below $0.28700 in the next few months. Before that, bulls are looking poised to produce a corrective rally towards $0.91500 at least.

Ripple is likely to remain in control of bulls in the next several weeks and push towards $0.91500 at least, which is the Fibonacci 0.618 retracement of the entire drop between $1.91600 and $0.28700. The crypto has been working on a lower-degree upswing between $0.28700 and $0.38700, which was retraced through $0.30930 last week.

Going forward:

Ripple bulls should be poised to come back in control from current levels ($0.32200) and push prices towards the initial resistance at around the $0.41000-0.44000 area. The bottom line for the above structure to remain intact is that the $0.28700 interim support should hold well. A break above $0.38700 will be a welcome scenario.

Trading plan:

Potential rally towards $0.44800 and $0.54800 against $0.28700

Good luck!

 

Read more: https://www.instaforex.eu/forex_analysis/283385

Analysis Of The Ripple (XRP) Price Movement

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