18.05.202216:30 Forex Analysis & Reviews: Trading plan for Ripple on May 18, 2022

Technical outlook:

Ripple has risen through the $0.46400 level over the last week and since then prices have remained sideways within a potential triangle, alongside its peers, Bitcoin and Ethereum. The crypto has carved an intraday low around the $0.41300 mark on Thursday and is now looking to turn higher again. The potential triangle consolidation also looks complete at $0.41300.

Ripple has dropped from the $1.91600 high to the $0.33300 low over the last week. Also, bears have successfully taken out its February 2021 low around $0.36840 as marked on the chart. Ideally, prices should turn higher from here either in a corrective wave or towards fresh highs going forward.

Ripple is facing strong resistance around $0.65000, followed by $0.91500, $1.41600, and higher, while the interim support is now seen around the $0.33000 level respectively. The projected near-term targets are $0.91500 and $1.33300, which is also the Fibonacci 0.618 retracement of the entire drop. Traders might be preparing to initiate fresh long positions now.

Trading plan:

Potential rally through $1.33300 against $0.33300

Good luck!