FX.co ★ Trading plan for Ripple on May 10, 2022

Technical outlook:

Ripple had dropped through $0.46800 low on Monday before finding support. The crypto is seen to be pulling back sharply towards $0.53000 at this point in writing. The bulls are looking poised to push through $0.65000 in the near term, which also coincides with initial resistance. A break would confirm that a meaningful low is in place at $0.46800.

Ripple has unfolded a standard flat corrective structure from $1.96600 highs through $0.46800 lows carved on Monday. We predicted a contracting triangle earlier but a break below $0.50970 has turned it void. Having said that, the overall structure still remains constructive for bulls with potential through $1.96600.

Ripple bulls are now targeting $0.65000 resistance in the near term to assert strength. Going forward, a break above $0.92800 will confirm that the trend has reversed and prices are heading through fresh highs. Traders might be preparing to initiate fresh long positions now with a risk below $0.46000.

Trading plan:

Potential rally through $0.65000 and $0.92800 against $0.46000

Good luck!