Ripple has formed a bottom. For now.

BITSTAMP:XRPUSD   Ripple / Dollar
406 0
Ripple pulled back from it's previous high of 3.30$. Now that the downside was rejected on high volume I believe we are at a local bottom for this currency. Ripple still has the problem of diminishing volume but for now it seems the rally will continue. There is a parallel channel in play, this is coupled with the 1.618 extension to give targets and projected length of the move. I still expect a large correction at some point but not now.
Happy Trading,
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