Image by WorldSpectrum from Pixabay
Ripple has been trading down since July/August of 2023 and erased all of the positive reactions to the announcement that XRP won over SEC, back in July of 2023. It was an overcrowded trade that rarely worked. Well, after that drop to 0.38 cents a lot of liquidations occurred, and I think that coin is now showing more clear and more important bullish structure. We see impulse up from 0.38 to 0.64 area, which is a temporary resistance here for wave 1. It’s a strong bullish pattern that should put more upside in play after pullback in wave 2, that is now underway down to 50 cents, which is the next big support for a bounce.On the big picture, we are tracking a higher degree of consolidation; ideally, it’s a triangle in wave four with price now turning up from the lower side of a range, so be aware of a bullish breakout within wave V, possibly still this year.
More By This Author:Bitcoin Is “A Buy” On Dips
ALTseason Can Be Around The Corner
Is DAX Forming A Bullish Running Triangle?
