Technical outlook:
Ripple rose to the $0.38700 high intraday on Friday, falling in line with an earlier projection of a potential bottom formed at around $0.28700. The crypto is seen to be trading close to the $0.37100-200 area at this point in writing and is expected to push through $0.41000 to take out initial resistance on the daily chart.
Ripple has been dropping since April 2021 after printing all-time highs at the $1.91600 mark as seen on the daily chart here. The correction has unfolded as a standard flat (3-3-5) structure and looks complete at $0.28700 as marked here. A break above $0.41000 will be further evidence to confirm that bulls are back in control.
Ripple is progressing within its first larger degree upswing after finding support just below the $0.32000 mark earlier this week. Bulls are looking determined to take out initial resistance at $0.41000 and assert themselves to be back in control. Traders might be preparing to continue holding long positions from here on.
Trading plan:
Potential rally through $0.41000 against $0.28700
Good luck!
