Ripple lost about 75% in just two weeks this month after it earlier peaked close to $4. Will price dip further or the recent little bullish recovery will lead to the resumption of the bullish trend? 21-23 January Ripple price prediction looks at the possibility of a Ripple crash.
21 January, AtoZForex – Running into the first week of 2018, Ripple was the strongest after making about 13000% profit in the previous year. In December 2017, price ranged between 20 and 40 cents. After the bullish breakout of the range, price rallied close to $4. That was just about 1 month move. But what happened afterward? Price, after the holidays, dropped about 70% in just 13 days to trade below $1. A bullish recovery followed since mid last week.
We did not expect this large deep as demonstrated in the last update. The chart below was used in the last update for XRP/USD.
We should expect price to resume upside this week by first break above $2. The more price stays below $2, the deeper the correction could go. Basically, a price move above wave (i) top could lead to a strong bullish move and send price upside again.
The emboldened part didn’t happen. The italicized was what happened. Price stayed below $2 to resume far downside below $1. What next?
21-23 January Ripple price prediction – XRPUSD crash?
The rally to $3.4 is labelled as the all-time wave 1 while the corrective wave 2 which was expected to around $1.5 went deeper to $0.85. The dip from $3.4 to $0.85 is impulsive. The rally that’s following looks corrective. Wave (a) and (b) of a zigzag pattern?. If this is the case, Ripple could crash back to $0.2-$0.4 zone, after a rally to around $2.5, marking the end of wave 2. The Elliott wave rule for motive waves says wave 2 shouldn’t exceed the 100% retracement of wave 1. Of course, price can not go below $0 (where wave 1 started). There could still be hope for a far stronger bullish resurgence but the potential depth of this wave 2 could cause a big worry for investors especially those that are not familiar with Elliott wave theory. Unless price stays above $0.85 and breaks above $3, a crash is very possible.
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