Ripple rallied above $0.7 last week before dropping to $0.6 in the same week. What is expected next? The following 25-27 March Ripple price prediction looks at XRPUSD based on Elliott wave theory.
25 March, AtoZForex – Ripple still stays above 50 cents throughout last week. Price started this week a bit above 60 cents. It seems price would rally further this week before dropping much more. In the second week of this month, price topped at $1.22. We are counting an impulse wave from this top. The long term bearish target still remains at $0.2-$0.4. A break below $0.5 could see price dropping to this bearish target zone.
In the last update, we looked at the bigger picture of XRPUSD. Price is probably completing the long term bearish correction after an impulsive wave that started before year 2017 and saw Ripple returning the biggest profit last year. This is called a Cycle in Elliott wave theory – a 5-wave trend followed by a 3-wave correction. The chart below was used in the last update.
The chart above shows a 5-wave advance that ended in the first week of January at around $3.3. A 5-wave rally is often followed by a 3-wave dip according to Elliott wave theory. This is exactly what has happened. Since the early January peak, price has lost about 80%. The drop, however, is a 3-wave decline. The first leg ( an impulse wave) to 85 cents in mid-January, followed by a 3-wave corrective rally to $1.7 two days after. About a month after the completion of wave (a), the 3-wave bullish correction that followed looked like a running flat pattern. The running flat wave (b) ended at $1.26 in the second week of February. After this, price has been dropping in what could end up being another impulsive wave (c) to complete a bearish zigzag pattern. Wave i-ii has completed and price could break below $0.6 to complete wave iii. If this wave count is correct, we would see price dipping to 20 cents-40 cents in the coming weeks before the next round of bullish recovery.
The chart below shows an update of wave i-v of (c).
25-27 March Ripple price prediction: what next?
Price seems to have completed wave i-iii. Not certain yet if wave iv is complete. Price is likely to rally to $0.7-0.8 before dropping further to $0.4. Unless price breaks above wave i low ($0.85), the bearish bias is still strong. Stay tuned for the next update.
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