Ripple dropped through fresh swing lows around $0.29300 on Tuesday before finding support. The crypto has tested the low on Wednesday and is now trading higher around the $0.31200 mark at this point of writing. The daily chart is producing the Tweezer Bottom candlestick pattern, and if bulls are successful, it would indicate a potential trend reversal ahead.
Ripple is facing the immediate price resistance around the $0.41000 mark followed by $0.65000 and higher, while the interim support is seen through the $0.29300 level respectively. A break above $0.40000 from here will confirm a potential trend reversal and that bulls are back in control. Bulls will have to hold prices above $0.29300 to keep the structure intact.
Ripple seems to have completed its corrective drop, which had begun at the $1.19600 mark earlier. The entire structure could be a standard flat, which has terminated around the $0.29300 levels. If correct, bulls will remain poised to come back in control and push through $0.40000 and $0.65000 in the next few weeks. Also note that bullish divergence on daily RSI is supporting the above projections.
Potential rally through $0.40000 against $0.29000