Technical analysis of Ripple for March 29, 2021


Ripple is in the very end of a huge triangle consolidation and we are looking for a break above resistance at 0.6000 as confirmation that the triangle consolidation is complete and the next impulsive rally towards resistance at 0.7640 is unfolding. Ideally, resistance at 0.7640 will be broken too and activate a S/H/S bottom. Meanwhile, a confirmed break above the neckline at 0.7640 will call for a continuation towards 1.5000 or a 100% rally. But for now lets look for a break above resistance at 0.6000 confirming more upside towards the neckline resistance at 0.7640.

Trading recommendation:

Buy a break above resistance at 0.6000 and place your stop at 0.4500

The material has been provided by InstaForex Company -