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Forex Analysis & Reviews: 23.06.2022

Relevance up to 12:00 UTC + 00

Exchange Rates 23.06.2022 analysis

Technical outlook:

Ripple prices climbed above the $ 0.33000 high intraday on Thursday after finding interim support close to $ 0.31800 earlier. The crypto is seen to be trading close to $ 0.32700 at this point in writing and is expected to drag towards $ 0.30600 in the near term. Bears will be poised to hold prices below the $ 0.33700 mark to keep the structure intact.

Ripple might have already completed its larger degree corrective decline, which began from the $ 1.91600 highs earlier. The standard flat corrective drop (3-3-5) terminated at around the $ 0.28700 lows as marked on the chart here. If the above structure holds well, bulls will be back in control and push through the $ 0.41000 initial resistance in the near term.

Ripple has also carved a lower degree upswing between $ 0.28700 and $ 0.33000 which is being worked upon at the moment. The crypto is expected to find support at around $ 0.30600 which is the Fibonacci 0.618 retracement of the above rally (not shown on the chart here). Bulls will be poised to be back in control thereafter.

Trading plan:

Potential rally through $ 0.41000 against $ 0.28700

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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