Ripple continues to dazzle making new highs and completing Wave 5 of the impulse of its respective Elliott Wave
. Though momentum seems strong as indicated by the Kovach Momentum Indicators, and the fact that we’ve been testing the upper bound of the KRI
for some time now, some retracement is inevitable as we enter the corrective phase. The nested Fibonacci level of $2.50 is likely to provide some resistance as it is psychologically significant as well. We have $2.26 providing support as well, and very strong support at $1.83 or so, where a Fibonacci level coincides with a nested Fibonacci level.
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