Ripple continues to amaze at it smashes through psychological and technical levels and keeps making new highs. It bulldozed its way into the $3 handle, and comfortably sits at $3.25 at the time of this writing, showing no signs of giving up. At this point it is even threatening Bitcoin's marketshare after comfortably unseating Ethereum
. Some retracement inevitable, though we’ve had to completely redraw our Elliott Wave
interpretation to keep up with XRP. We must look to the highest Fibonacci Extension
and nested Fibonacci Extension
levels to find support for this prolific bull run. The nearest level of support seems to be $2.87, then again at $2.53, though XRP shows no sign of testing these levels. Eventually, we must enter the corrective phase of the Elliott Wave
so consider taking some profits.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter