Luettis
Long

Ripple on support

KRAKEN:XRPUSD   XRP / U.S. Dollar
61% - this has been the difference before the last short rally has begun and its high.
25% - has been the loss in the following. 32% - the next rally, 19% the next losses.
The amplitude is getting tighter.

Taking a fib retracement from the first rally (may 10 to may 16) and shifting it to the end of the correction (may 17) one can clearly assert, that the turning points have been on the fib retracements. Taking that in consideration and projecting it to the near future Ripple should do another move up to fib retracement 78.6% (~ 0.49$). This equates to approx 22% gains from the actual level.

Indicators:
RSI within the bearish zone, perhaps just turned up - but still weak
MACD just about to trigger - within negative zone
Volume medium
EMA 50 very close

The indicators don´t give bullish signs for the moment. A testing of the actual support on fib retracement 23.6% (0.40$) could happen before the next rally starts.

Personally I see more chances on the upside, than risks on the downside. But to be clear: this is no trading advice.
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