quantguy
Long

Ripple Consolidates, Looking to Breakout

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
Ripple has managed to gain footing back above $1 handle in a tug of war about this level. It is currently facing resistance from a nested Fibonacci level at $1.03. It does appear to have quite a bit of support from the central moving average of the KRI and a congestion zone, at the psychologically and technically significant $1 mark. It has established this range over the past 4 days or so. This consolidation of volatility portends a major breakout. The $1.03 level will still provide resistance moving forward, but we have strong support from nested Fibonacci levels at $0.95, $0.90, $0.85, and $0.79 if needed. But after the Fibonacci anchor at $1.12 it is a vacuum zone until $1.40, where we'll meet resistance from the upper bound of the KRI which corresponds with another nested Fibonacci Extension level.

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