empty
 
 
19.05.2022 02:39 PM
Trading plan for Ripple on May 19, 2022

This image is no longer relevant

Technical outlook:

Ripple is now looking ready to resume its next leg higher towards $0.49100 and $0.62000 in the next few trading sessions. The crypto dropped to $0.39000 intraday on Thursday before finding support. It is seen to be trading around $0.40700 at this point in writing, looking poised to continue higher from here.

Ripple has dropped from $1.91600 through $0.33300 carving a standard flat corrective structure. Also, note that prices have found support just below the February 2021 lows of around $0.36840. Ideally, the crypto is expected to produce a rally from the current levels towards $1.91600 and higher in the next several trading sessions.

Ripple is facing immediate price resistance around $0.65000, followed by $0.91500 and higher; while support comes in around $0.33300 respectively. Bulls are inclined to take out initial resistance at $0.65000 and assert themselves for a further increase. The potential remains up to $1.33000, which is the Fibonacci 0.618 retracement of the above drop.

Trading plan:

Potential rally towards $0.65000 and $1.33000 against $0.33300

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback