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 rose to the $0.38700 high intraday on Friday, falling in line with an earlier projection of a potential bottom formed at around $0.28700. The crypto is seen to be trading close to the $0.37100-200 area at this point in writing and is expected to push through $0.41000 to take out initial resistance on the daily chart.
Ripple has been dropping since April 2021 after printing all-time highs at the $1.91600 mark as seen on the daily chart here. The correction has unfolded as a standard flat (3-3-5) structure and looks complete at $0.28700 as marked here. A break above $0.41000 will be further evidence to confirm that bulls are back in control.
Ripple is progressing within its first larger degree upswing after finding support just below the $0.32000 mark earlier this week. Bulls are looking determined to take out initial resistance at $0.41000 and assert themselves to be back in control. Traders might be preparing to continue holding long positions from here on.
Trading plan:
Potential rally through $0.41000 against $0.28700
Good luck!
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