The events over the last 24 hours have been unkind to Ripple with Coinbase going offline for a short moment and then the hacking of 9.3 million XRP.
Trying to determine the end of this reaction seems pretty straight forward with a confluence of points at the (0.38 +/1 0.02) level.
Elliot wave count would have this last push down as Wave 5 which could extend to 0.376, though Ripple doesnt often have Wave 5 go past the 0.786 extension.
In addition the Monthly Pivot is at 0.40217 and there is a decending trendline of a channel from the 5/30 high at 0.474 that should now form support.
These three things together have a high probably of providing support, in addition to the significant amount of time it has traded at this level in the past.
For the record, I still am holding trades from 0.28, 0.31 and 0.36. If it drops past 0.36 Ill consider another entry at that point.
Trying to determine the end of this reaction seems pretty straight forward with a confluence of points at the (0.38 +/1 0.02) level.
Elliot wave count would have this last push down as Wave 5 which could extend to 0.376, though Ripple doesnt often have Wave 5 go past the 0.786 extension.
In addition the Monthly Pivot is at 0.40217 and there is a decending trendline of a channel from the 5/30 high at 0.474 that should now form support.
These three things together have a high probably of providing support, in addition to the significant amount of time it has traded at this level in the past.
For the record, I still am holding trades from 0.28, 0.31 and 0.36. If it drops past 0.36 Ill consider another entry at that point.
