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MS TRADING ANALYST
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Bearish
$XRP
$DOGE
$ENA
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XRP rose 25% this week to $3.30, a multi-year record, and beyond $190 billion in market value.
ProShares Ultra XRP ETF, the first XRP-linked ETF to trade on a major U.S. exchange, launched on July 18 during the spectacular rise.
The current price of XRP is $3.25, 15% below its January 2018 high of $3.84.
The rise drove perpetual futures open interest to a record $8.8 billion, or roughly 2.9 billion XRP in leveraged contracts.
XRP's utility story gained official credence when California Governor Gavin Newsom announced the California Breakthrough Project at Ripple's headquarters.
Technical research shows that XRP has completed a gigantic seven-year symmetrical triangular pattern, with Fibonacci objectives predicting a $4.90-$6.50 range.