Ripple Getting Hammered
Ripple has been hit quite hard as well. It is currently finding support at $1.19, very close to a Fibonacci level at $1.22 or so. Below we have a nested Fibonacci level at $1.12, then $1.03, which roughly corresponds to the lower bound of the KRI. From above we have nested Fibonacci levels at $1.39 and $1.82 before we hit the central moving average of the KRI which corresponds with the psychological $2 level. Although we appear to be in wave 2, we are wrong if we break new relative lows at $0.87. The Kovach Momentum Indicators do not really offer any consolation. Although the Kovach OBV is bullish, the Kovach Chande looks dreadful.
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