Forex Analysis & Reviews: Elliott wave analysis of Ripple for May 10, 2021

Ripple is on the move higher again after a correction to 1.3210. The rally following this low is clearly a five wave rally indicating that the impulsive rally higher to 1.9670 and above is in motion. Short-term we are looking for a break above minor resistance at 1.6957 and 1.7636 to confirm the rally higher to 1.9670 and ultimately above here to for a continuation towards 3.31 as the next long term target.

Support is now seen at 1.5100 which ideally will be able to act as a floor for the expected rally higher.

Trading recommendation:
Buy Ripple for more upside pressure towards 1.9665 and ultimately higher to 3.31.

Analysis are provided by InstaForex