Technical outlook:
Ripple drooped through $0.58000 on Thursday, giving up all its gains received amid the FOMC meeting on Wednesday. The crypto had raised through the $0.65000 mark on Wednesday only to find resistance. It was seen to be trading around the $0.59800 mark at this point in writing and is expected to resume moving higher in the near term.
Ripple had earlier rallied between $0.17000 and $1.80000, carving a meaningful upswing. Since then, it has been in a sideways contracting triangle pattern as presented on the daily chart here. A triangle is a five wave structure which is labelled as a-b-c-d-e. With that respect, price action might have terminated its last wave around the $0.5660 levels.
If the above proposed structure holds well, Ripple would be well under its way to break above the $0.91000 high and triangle resistance. Ideally, prices should not break below $0.50970 interim lows to keep the triangle count intact. Traders might be preparing to initiate fresh long positions from the current levels with risk below $0.50970.
Trading plan:
Potential rally through $0.9100 and higher against $0.50970
Good luck!
