Technical outlook:
Ripple climbed above the $0.33500 highs intraday on Thursday before easing off. The crypto is preparing to rally towards $0.44800 and $0.54800 in the near term, as projected on the daily chart. Please also note that initial resistance is at $0.41000. A break higher will confirm that bulls are back in control and a bottom is in place at around $0.28700.
Ripple has been in a downtrend since April 2021 after hitting all-time highs at around $1.91600, major resistance on the daily chart. The overall drop has unfolded in three waves (Standard flat 3-3-5 pattern) at a larger degree. As discussed earlier, bulls should be poised to produce a three-wave corrective rally at least towards $0.91500, which is the Fibonacci 0.382 retracement of the entire drop.
Ripple might also rally up to $1.41600 in the next several weeks to terminate the corrective rally and turn lower thereafter. Looking at the short-term scenario, the crypto has carved an upswing between $0.28700 and $0.38700. It has also retraced from the upper border at $0.31000 last week. Ideally, prices shuld stay above that mark and continue pushing higher.
Going forward:
Ripple seems to be supported at around the $0.28700 mark and bulls will be inclined to hold prices higher for the short to medium term. A push above interim resistance at around $0.38700 will accelerate a climb higher towards $0.44800 and beyond, taking out initial resistance at $0.41000. The bottom line is that bulls will remain in control from here if $0.28700 remains intact.
Trading plan:
Potential rally towards $0.44800 and $0.54800 against $0.28700
Good luck!
