Ripple dropped below 80 cent this week as the bearish correction continues. What should be expected in the coming week? The following 28-30 April Ripple price prediction looks at XRPUSD forecast based on Elliott wave theory.
28 April, AtoZMarkets – The majors moved in similar pattern this week. A strong dip followed by a weaker rally as part of an expected bearish correction following days of strong upside moves. Ripple dropped to 76 cent losing almost 21% from 96 cent (the highest price since March). Just in the same manner as Bitcoin. XRPUSD now trades slightly above the 0.8085 support we identified at the beginning of the week. Price has moved just as expected through out the week after the completion of a familiar wave pattern.
In the last update, we identified a bullish impulse wave completed and expected a correction downside. The correction started as price lost almost 21% completing its first leg – wave (a). The chart below was used in the last update.
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.
We identified a support level at 0.8085 where wave (a) was expected to have ended. A rally above this level was expected as wave (b) ends below 0.9365-0.9682 resistance zone. The chart below shows how price has behaved and what we could expect next.
28-30 April Ripple price prediction: what next?
The chart above shows wave (b) might have completed at 0.8630 if price returns below 0.8085 and break below 0.76 low. If this happens, the next target is 0.65-0.7 price zone. However, if price breaks above 0.863 slightly, the wave count is still valid. A break above 0.9365 would mean that the bullish run has resumed otherwise, a dip below 0.7 is much likely to complete a 3-wave bearish correction. Stay tuned for new updates.
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