Ripple, Building Consolidational Range, Test Of Higher Level!

Hello, Traders Investors And Community, welcome to this update-analysis about ripples current structure and what we can expect the next time. In recent analysis on the subject I pointed out that ripple traded in a rising wedge which will highly likely confirm to the downside and watch for the lower level targets, this exactly happened now, if you did not watch it already I highly recommend that you go to my account and have a look to have an extensive overview. At the moment it seems like ripple is building a smaller consolidational range here as we have seen some good volatility in the range recently it is possible that we at least test remaining levels. Therefore we are looking at the locally 4-hour timeframe.

As you can see in my chart we saw ripple bouncing from the 0.189 to the 0.202 level with a solid volatile move to the upside. Now the importance in this current situation is that ripple is building an upward moving channel here which you can see marked in my chart with the grey trend-lines, for a further continuation to the upside it is important to hold this channel otherwise ripple can still fall to lower levels to visit the support below. This will be perceived when we cant hold the important support which we have at 0.195 and fall below the 0.188 level and therefore out of the major upward channel which is building currently.

The next time we can expect ripple to possibly test the remaining higher levels in the range, which will be firstly realized by the falling light-blue trendline you can see in my chart, this level also corresponds with the important 600-EMA and building a bearish resistance-cluster here which shouldn't be ignored and therefore ripple provides a huge possibility for an pull-back when we visit this level after this it is important to find support in the current consolidational range at least when this happens it is within the possible spectrum that it tests the higher-range-resistance you can see marked in black in the chart. After this we need to elevate and see how the volatility will be and if ripple manages to take the resistance out.

Overall it is highly important and increasingly significant to hold the support for the mentioned scenario otherwise ripple is supposed to at least test the lower-range-support you can see in my chart marked in orange, from this point we need to see if it can hold as solid support, when this is not the case and we fall below the 0.178 level we will see a bearish breakdown to visit lower levels with a high possibility. In the current situation, the perceptive option will be to wait for the confirmation before placing the proper trade. This should always be the case as people fall to often to conjecture and illogical approaches these times therefore it is better to keep an clear head and take advantage of the highest possible scenarios we can take into consideration.

Thanks for watching the analysis, support for more market insight, and a good weekend everybody! ;)

Information provided is only educational and should not be used to take action in the markets.