Ripple – Chart & Outlook

 

Technical:  Long Term Weekly Chart

 

 

Ripple pulled back  to the Major support level of 0.50 cents in late March.  This is also a psychological support level.  A break of 0.50 cents would signal in our opinion that there is a fundamental issue with XRP moving forward.  Initial resistance is found at the 1.17 level, and a break of this level would be a positive sign for longs and we would look to add for a longer term positional trade.   The 1.93 to 2.30 is a major resistance level where we have the 0.5 and 0.618 retrace of the overall swing including two overlapping extensions from the previous bearish swing.   2.06 is the 2.618 extension of the swing which is within the zone providing a solid target level for impulse wave 3.   If you are long from here with a positional trade this would be the first zone to look for weakness and to reduce risk.  There are also two important extension levels that form a target zone between 3.70 and 4.46 which provides a final wave 5 target.

Technical: Short Term Daily Chart

 

In the short term 0.97 is an level to look for a bearish reversal and a pullback to 0.65 to 0.71 area where longer term trade setups have a higher probability of success.  There is bullish signal and trigger at the 0.88 level with a 0.97 target, but this is a risky trade other than for day trading or scalping and not one we would recommend.   Major support is found just above the 50 cent psychological level at 0.51.  If you are long from these or lower levels the 1.18 area is an area to look to reduce position.

 

 

 

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