Technical outlook:
Ripple dropped through the $0.33900 lows during the early Asian session on Monday after reaching the $0.38700 highs over the weekend. The crypto is seen to be trading close to $0.34500 at this point in writing and is expected to resume its rally soon towards $0.41000 initial resistance as marked up on the daily chart.
Ripple has carved a meaningful larger degree downswing between $1.91600 and $0.28700 in the past several months. The drop looks corrective (Standard Flat) and might be complete at around $0.28700. If the above-proposed structure holds well, prices should rally straight towards $0.41000 from here confirming a potential bottom in place around $0.28700.
Ripple has potentially carved a lower degree upswing between $0.28700 and $0.38700 in the past few trading sessions. Prices are retracing at the moment but bulls are expected to come back in control soon and extend the rally through $0.41000 in the near term. Traders might be preparing for another leg higher through $0.41000 against $0.28700.
Trading plan:
Potential rally through $0.41000 against $0.28700
Good luck!The material has been provided by InstaForex Company - www.instaforex.com
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