Ripple Breaks its Range

Although volatility in Ripple has dramatically subsided since January, it is on a clear downtrend. Like other coins, it has broken down from its range, and is currently finding support from $0.74. What appeared to be a bull wedge has been invalidated as we’ve broken the trend line 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. We are getting very comfortable in the $0.70 handle, currently finding support from $0.74. The next level is $0.70. From above, we have $0.79, then a fairly dense collection of levels concentrated in the $0.80’s at $0.82, $0.83 and $0.85.

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