07.06.202215:57 Forex Analysis & Reviews: Trading plan for Ripple on June 7, 2022

Technical outlook:

Ripple dropped through the $0.38300 mark on Tuesday after printing $0.40850 highs on Monday. The crypto has then found support and has bounced back towards $0.39200 at this point of writing. Bulls might be poised to come back in control from here and hold prices above the $0.38000 mark to keep the near-term structure constructive.

Ripple has been working on a potential countertrend rally towards $0.66650 as projected on the daily chart. It has terminated the first leg around $0.46400, while the second leg seems to be completed around $0.37500 respectively. If the price holds above well, the next leg should resume higher from here and push through the initial resistance above the $0.65000 mark.

Ripple has dropped from $1.91600 through $0.33000 as seen on the daily chart, carving a meaningful downswing. Notably, the previous support around $0.36840 was also taken out with ease as bears showed their strength. Ideally, at least a pullback rally can be expected from the current levels and up to $0.66650, if not towards another high.

Trading plan:

Potential rally through $0.66650

Good luck!