Ripple is getting close to 50 cents in a clear corrective dip. The following 18-20 May Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
In April, Ripple, like other major Crypto coins rallied swiftly. In 24 days, XRP gained nearly 110% as it climbed to 96 cent – close to the $1 mark. The rally was clearly impulsive – an impulse wave. It would soon drop afterwards in the last week of April to to 75 cent before gaining 10 cent to close the month at 85 cent. This month, the bearish move has continued and currently at 67 cent. Will the dip continue? Is price close to a reversal zone?
Ripple, like BTC, completed an impulse wave and a 3-wave correction should follow according to Elliott wave theory. This is exactly what is happening. Our next point of call is to recognize the corrective structure price is drawing. Maybe our attention can be drawn to a trade opportunity. Corrective patterns can be Zigzag patterns (Single, Double or Triple), Flats (Regular, Expanding or Running) or Triangles (Expanding, Contrasting or Barrier). All these patterns are distinctive in their own unique nature. The following chart shows an emerging corrective pattern in Ripple.
18-20 May Ripple price prediction: triple zigzag pattern?
The chart above shows a corrective triple zigzag pattern within a channel line. Triple zigzags are similar to impulse waves in the number of build-up waves – both have 5 waves. If this wave count is correct, price should rally further after a dip back to the channel line base (which could act as a support price level. If price moves as expected, we could see it hitting $1.5 in the coming weeks. Conversely, a drop below the channel base (0.56) could see it drop beyond 0.45 in the coming days. Stay tuned for the next update.
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