13.05.202216:08 Forex Analysis & Reviews: Trading plan for Ripple on May 13, 2022

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Exchange Rates 13.05.2022 analysis

Technical outlook:

Ripple might have been ale to print a meaningful bottom around the $0.33300 mark, just below its February 2021 low registered around $0.36800 mark. It looks like bulls will be inclined to hold prices above the $0.33300 mark for the next several weeks. Possiblity also remains for a push through all-time highs above the $1.91600 mark.

Ripple is now producing an Engulfing bullish candlestick pattern, in-line with expectations, indicating a potential push towards initial resistance seen around $0.65000 mark. The crypto has raised through $0.46300 mark on Friday and has now eased off slightly through $0.45000 mark at this point in writing. Bulls are looking in control and eyeing above $0.65000 level near term.

Ripple could rally through the Fibonacci 0.618 retracement of the drop between $1.91600 and $0.33300 levels, which is seen through $1.33300 level as projected on the chart here. Since the above drop looks corrective, potential remains for a continued rally through all-time highs above $1.91600 levels going forward.

Trading plan:

Potential rally through $1.33300 against $0.33000

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022
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