Technical outlook:
Ripple has dropped to fresh swing lows close to $0.33350 on Thursday before finding support again. The drop has been in-line with projections but was slightly extended without changing the wave structure though. Bulls are poised to remain in control and push prices higher through the $1.30000 level going forward.
Ripple has dropped just below its support from February 2021 around $0.36840 as marked on the daily chart here. Ideally, the price should produce a meaningful pullback at least through $1.31000. Please note that there is a high possibility that the price will move for an all-time high above $1.91600 going forward. It is pulling off the day's low and is trading close to the $0.37500 mark at the time of writing.
Ripple has been declining since reaching the $1.91600 mark and the structure looks corrective until the recent lows are tested around $0.33350. If the above structure holds well, bulls would be keen to produce another rally which surpasses the $1.91600 mark. Either way, traders look poised to initiate fresh long positions from here.
Trading plan:
Potential rally through $1.30000 against $0.30000
Good luck!
