FX.co ★ Trading plan for Ripple for June 08, 2021

Technical outlook:

Ripple seems to be oscillating within a potential triangle consolidation after having print lows around $0.65 levels on May 23, 2021. Potential still remains for a drop below $0.65 mark before the crypto finds support. The fibonacci 0.786 retracement of entire rally between $0.00 and $1.96 is seen passing through $0.55 levels and bulls might remain poised to resume higher from there.

Ripple is seen to be trading around $0.85 levels at this point in writing and is expected to continue drifting lower towards $0.55 levels in the near term. Immediate price resistance is seen towards $1.1, while support comes around $0.65 levels respectively. Most traders might hold short positions with risk around $1.1 levels going forward.

Ripple wave structure continues to remain bearish in the short term with potential towards $0.55 levels. Only a break above $1.1 would brings back bulls under control.

Trading plan:

Remain short, stop @ 1.1, target @ 0.55.

Good luck!