Ripple still appears to be consolidating in a dragon head pattern, finding support around $0.70 a psychological level which coincides with a Fibonacci level. Clearly some retracement should be expected after XRP’s breakout in mid-December. We anticipate further pullback, optimally to $0.52 or so which corresponds with a Fibonacci Level and the central moving average of the KRI
. But $0.60 would serve as a more conservative option.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter