Ripple dropped back below $1 last week after after a bullish recovery to $1.23 in the preceding week. What should be expected this week? Will price drop back to 50 cents or rally back above $1? 25-27 February Ripple price prediction below gives a technical outlook based on Elliott wave theory.
25 February, AtoZForex – Ripple lost about 25% last week from $1.23 peak of the week before. It’s getting clearer that the rally from the 55 cent low could be a mere correction and price could dip further at the end of the correction. Elliott wave theory can help to identify trends and corrections of any degree and time frame.
In the last update, we expected the rally to continue to $1.5 after a little dip to $1. At the end of the rally to $1.5, the bullish corrective double zigzag patter would have completed and price would then drop. The chart below was used.
After the channel breakout, a move more like corrective than motive has ensued. Probably, a double zigzag pattern. The forecast above shows a possible double zigzag pattern completing close to $1.5. We will see how price reacts in the coming days at $1.4-$1.5 zone before knowing if the bearish correction will continue or the bullish recovery will be complete. If this forecast completes as expected, Ripple could fall further after the expected rally to $1.5.
The dip has persisted since the last update. Price dipped and lost 25% throughout last week. Price broke below wave X which means the wave analysis in the last update will need a little adjustment. The chart below shows what we now have.
25-27 February Ripple price prediction – XRPUSD outlook
The outlook remains the same but the wave count has been adjusted. Wave X has dropped below the previous level. Price will now require a break above the channel to trigger a new bullish momentum to $1.5. Alternatively, if price drops further to 70 cents, it means the correction expected has already completed with a simple zigzag pattern at 1.23. Stay tuned for the next update.
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