Yesterday, Ripple topped at $1.25 before dropping just as other coins. It's also recovering faster than others. What should we expect next? When is the next time to buy? The following is the 23 December Ripple price prediction using Elliott wave theory and other technical tools.
23 December, AtoZForex - Since the beginning of this week, market volume has far more than quadrupled from 805 million to 4.6 Billion (yesterday) and market capitalization also increased significantly from $29 Billion to $45 Billion (yesterday). It was no surprise that price rallied very fast this week to top at $1.25.
The current strong move in Ripple started on 12th December when it was trading around 20 cents. Preceding this was a sideway triangle pattern that lasted more than 5 months. A 5 month triangle pattern? Any breakout would be huge and that was exactly what happened. I have observed that often times, some Altcoins exhibit low momentum market activities with triangle pattern as seen in ETH, IOTA and some others. I think while other coins may drop/rise further, Ripple may just go on another sideway move for another couple of months as the chart below shows.
23 December Ripple price prediction: Elliott wave forecast
XRPUSD Elliott wave analysis, D1 (click to zoom)
XRPUSD has a record of 'advancing-forming a triangle-advancing further' sequence. The rally to $1.25 was more than 500% after a shallow 5-months triangle pattern completed. Yesterday, just as other major coins, Ripple dropped more than 45% to $0.7 but quickly recovered more than other coins. It seems price would go for another sideway move before the next breakout rally would be seen. If this is the case, a strong move to to $2 could be seen. That would give a fast 100% gain at least if it works out as expected.
A break below $0.6 (which is also a possibility) could hamper the bullish expectation. If you bought below $0.2, you should enjoy your profit. What's the next time to buy? - wait for the triangle to complete just like we had between $0.2 and $0.4. Stay tuned for another update on Litecoin.
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