Technical outlook:
Ripple dropped to the $0.33500 lows during the New York session on Tuesday alongside other crypto assets. The selling pressure continues as we progress during the Asian session on Wednesday with session lows printed at around $0.33200. The above drop has been in line with the projections and a further drop towards $0.32300 remains possible.
Ripple has already carved a larger degree corrective wave between $1.9160 and $0.28700 in the past several months. The proposed zigzag correction could be the first wave of a much deeper correction in the coming months as bulls prepare to retrace the above drop. Ideally, a similar-degree corrective rally should unfold towards $0.91300 and up to $1.41600 before the trend resumes lower.
Ripple has also managed to carve its lower degree upswing between $0.28700 and 0.38700 in the past few trading sessions. The above boundary is being retraced at the moment as the potential remains for prices to drop through $0.32300. Also, note that $0.32300 is the Fibonacci 0.618 retracement of the upswing and hence there are the odds for a bullish turn.
Trading plan:
Potential rally through $0.41000 and up to $0.91300 against $0.28700
Good luck!
