quantguy

Ripple Insists on Lower Levels

BITFINEX:NEOUSD   NEO / U.S. Dollar
Ripple is currently forming a range with a hard upper bound at $0.82, a level identified here many times. The lower bound seems to be the trend line of an ascending (bull) wedge currently at $0.76. The Kovach Momentum Indicators are still very bearish . The only consolation is that they appear to have peaked and must eventually turn up soon. The ranging period has made Elliott Wave analysis difficult, but we appear to be awaiting the next leg of the impulse phase. Currently in the $0.70 handle, we have broken support from $0.79, which will now provide resistance. Next, we have $0.74 and $0.70. From above, we have a fairly dense collection of levels at the upper bound of the current range, formed by XRP's prior ranging. These are concentrated in the $0.80's, and are spaced apart almost to the penny at $0.82, $0.83 and $0.85.

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