FX.co ★ Trading plan for Ripple for June 17, 2022

Trading plan for Ripple for June 17, 2022

Trading plan for Ripple for June 17, 2022

Technical outlook:

Ripple dropped through the $0.29300 lows early this week before finding support again. The crypto confirmed a bullish Morning Star candlestick pattern after bouncing from the above and rose up to the $0.34600-700 mark thereafter. High probability remains for bulls to hold prices above $0.29300 and continue pushing higher towards the $0.41000 initial resistance in the near term.

Ripple has been dropping since reaching the $1.91600 level, which was registered in April 2021. The above drop looks like a complex corrective structure, which was completed around $0.29300 early this week. A break above the initial price resistance seen through the $0.41000 mark would confirm that bulls are back in control in the near term.

Ripple might continue its drop further but ideally after a meaningful corrective rally towards at least the $0.91500 level. Please note that it is passing close to the 0.382 Fibonacci retracement of the entire drop between the $1.91600 and $0.29300 levels respectively. Traders might be willing to initiate fresh long positions against the $0.29300 mark.

Trading plan:

Potential rally through $0.91500 against $0.29300

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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