ruckus49
Long

XRP Fib Extensions (Medium term price targets)

KRAKEN:XRPUSD   Ripple / U.S. Dollar

Fib extensions are more of an art than a science, but their best application is in blue sky territory, which is where we find XRP right now. I started the fib at the .25 USD breakout which is where the party really got started. The next two points are at the swing high at .90, then back down to the bottom of the consolidation at .65 USD.

You can see that we hit a speed bump around the .618 extension right now. The downward purple trendline is a possibility for another pullback area before the next leg, but I don't think much of it because right now on the 5 min chart we are forming a bull cup between .95 and 1.10 USD. If it does, .90 is strong support as evidenced by the previous high and rising purple trendline .

Given the chart strength right now , my money is on blasting through 1.10 and heading towards the measured move (100% fib extension) at 1.30. We will likely have a more considerable pullback at that point. The next target after that is 1.70 at the 1.618 fib extension. After that, it gets really interesting, and if we get up there, I'll post again and reveal the next target numbers (they are HIGH).

Best of luck and don't chase.
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