Ripple is falling today after 108% gain in two weeks. What is expected to happen next? The following 25-27 April Ripple price prediction looks at XRPUSD forecast based on Elliott wave theory.
25 April, AtoZMarkets -The Crypto market is probably at the verge of a short term bearish correction as can be seen in the majors. Bitcoin has lost about 7% this week so far while Ripple dropped below 90 cent after getting close to the $1 mark. Litecoin and Ethereum are also dropping today. This is highly expected to be a part of a bearish corrective move that follows the completion of an impulse wave pattern.
In the last two weeks, the rally seen was noticed to be developing into an impulse wave. Whatever time frame, Elliott wave theory can help to define the development of a trend, when it's likely to complete and what it could do after completion. In the case of an impulse wave, a 3-wave correction usually follows. The chart below was used in the last update.
XRPUSD Elliott wave analysis, M30 (click to zoom)
Price will drop further if it stays below 0.9365. A 3-wave bearish correction is still on course. Once 0.8085 is broken downside, further drops could be seen to 0.7 or even below. On the other hand, price could continue sideways to complete another triangle pattern between 0.808 and 0.9365. If the bullish momentum continues and price breaks above 0.9365, a rally above $1 is most likely.
Price stayed above 0.808 and broke above 0.9365 marginally. With the way price played out, wave 5 was adjusted a bit. Price rallied to 0.96 before falling. This price drop is expected to continue as the chart below shows.
25-27 April Ripple price prediction: what next?
XRPUSD Elliott wave analysis, M30 (click to zoom)
Price has dropped back to 0.808. The impulse wave seems to have completed and price is rolling downside. This is expected to continue in the coming days. Bearish target is at 0.6-0.65. At the end of the 3-wave bearish correction, price will be expected to resume upside. Stay tuned for the next update.
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