FX.co ★ Trading plan for Ripple on May 19, 2022

Technical outlook:

Ripple is now looking ready to resume its next leg higher towards $0.49100 and $0.62000 in the next few trading sessions. The crypto dropped to $0.39000 intraday on Thursday before finding support. It is seen to be trading around $0.40700 at this point in writing, looking poised to continue higher from here.

Ripple has dropped from $1.91600 through $0.33300 carving a standard flat corrective structure. Also, note that prices have found support just below the February 2021 lows of around $0.36840. Ideally, the crypto is expected to produce a rally from the current levels towards $1.91600 and higher in the next several trading sessions.

Ripple is facing immediate price resistance around $0.65000, followed by $0.91500 and higher; while support comes in around $0.33300 respectively. Bulls are inclined to take out initial resistance at $0.65000 and assert themselves for a further increase. The potential remains up to $1.33000, which is the Fibonacci 0.618 retracement of the above drop.

Trading plan:

Potential rally towards $0.65000 and $1.33000 against $0.33300

Good luck!