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Trading plan for Ripple on May 16, 2022


Technical outlook:

Ripple has managed to rally through the $0.46000 mark on Friday after printing fresh swing lows around $0.33300 earlier. The crypto has taken out immediate price resistance around the $0.42700 mark, which is seen on lower time frames. Bulls are now targeting the next lower degree resistance seen around the $0.52700 mark.

Ripple has carved a meaningful bottom around $0.33300 over the last week and now looks set to push higher at least towards $0.65000 and $0.91500, going forward. The drop between $1.91600 and $0.33300 looks corrective and also complete. If the above structure holds well, the price might break through fresh highs in the next several weeks.

Alternatively, prices could at least rally through the Fibonacci 0.618 retracement of the entire drop, which is seen towards the $1.33800 mark, before turning lower towards the larger trend. Traders might be preparing to initiate fresh long positions around current levels with risk just below the $0.33300 mark.

Trading plan:

Potential rally through $1.33800 against $0.33300

Good luck!

Trading analysis offered by RobotFX and Flex EA.