Technical analysis of Ripple for February 22, 2021

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A week ago we called for a short-term correction close to 0.4720 before renewed upside pressure. Last week, Ripple dipped to an intra-day low of 0.4740. Now Ripple is ready to break the key resistance level near 0.7000. A break of this level may active the bottom-formation, that has been building since May 2018. A break above key-resistance at 0.7000 will call for a rally to a minimum of 1.1800 and likely call for much higher levels with the possibility to test the former peak at 2.7500.

Support is seen in the 0.4720 - 0.4740 area.

Trading recommendation:

It is recommended to open long positions if it breaks above 0.6100 or more conservatively above 0.7000 and place your stop at 0.4700.

The material has been provided by InstaForex Company - www.instaforex.com

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