FX.co ★ Trading plan for Ripple on May 17, 2022

Technical outlook:

Ripple rallied through $0.46300 last Friday before pulling back. The crypto has been drifting sideways within a contracting triangle since then and is expected to push through $0.49100-500 levels at least in the near term. Bulls are now looking to hold prices above the $0.33300 low to keep the near-term structure intact.

Ripple is facing immediate resistance around the $0.52000 mark, followed by $0.65000, $0.91600 and higher; while interim support is now just below the $0.33300 level. Bulls are looking poised to push through resistances starting at $0.52000 and higher as the rally continues. The potential remains to hit past $0.9160 in the near term.

Ripple has dropped between $1.91600 and $0.33300 in a corrective manner. This implies that the next rally could push through $1.9160 going forward. On the flip side, the corrective rally might reach at least the Fibonacci 0.618 retracement, which is seen at around $1.33300 as projected on the daily chart. Either way, the crypto is looking to rally from here.

Trading plan:

Potential rally through $1.33300 against $0.33300

Good luck!