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Ripple Faces Some Resistance After Breakout, Still Bullish

BITSTAMP:XRPUSD   瑞波币/美元
Ripple has managed to breakout from a massive bull wedge pattern, finally facing resistance at $1.12, the nested Fibonacci anchor. We identified this level in particular in yesterday's newsletter. If needed, it has quite a bit of support at the psychologically and technically significant $1 mark, which coincides with the central moving average of the KRI             and a congestion zone from when it was ranging at these prices. In particular, $1.03 which once provided resistance will still now provide support. Further, we have strong support from nested Fibonacci levels at $0.95, $0.90, $0.85, and $0.79 if needed. The retracement we are seeing is anticipated, but eventually we must break the Fibonacci anchor at $1.12 before we meet a vacuum zone, which persists until $1.22, a Fibonacci Extension level, then $1.34, where the upper bound of the KRI             is currently.

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