Ripple has lost about 12% in the last 24 hours as the Crypto market continue bearish. What is the next bearish target? Is there any chance for price to rally anytime soon? The following 5 February Ripple price prediction shows our next forecast for XRPUSD based on Elliott wave theory.
05 February, AtoZForex - The Crypto market is in RED. That's an obvious statement. Market cap dropped from close to $550 billion at the beginning of the year and now less than $345 billion. Ripple started the first 4 days of the year on a strong note - peaking close to $3.4. Its market cap also went skyward at more than $150 billion thereby making it the second largest coin, taking over Ethereum. From 4th January, XRP started dropping very fast. With market cap below $30 billion, XRP has dropped to 70 cents. In other words, it lost 78% in about a month after peaking. Ripple is not alone, the market generally is bearish. What is the bearish target for Ripple?
In the last update, I had expected that price would drop to 50 cents after a bullish recovery to $2. The price at the time of the update was $1.75. I expected price to complete a wave (b) of 2 upside before dropping to 50 cents as reviewed in the chart below.
XRP/USD Elliott wave analysis, H2 (click to zoom)
Price stays between $1.75 and $0.85. Price will make a significant attempt to break any of these levels. What’s more likely to happen is price rally above $1.75 to $2 or $2.5 before the next dip. In technical terms, to complete the 3-waves bearish corrective move to 50 cents.
What happened after the last update, price didn't rally to $2 as the bearish pressure was so strong. The dip however went to 70 cents, current price, and may go further to the 50 cents target. The chart below shows my latest XRPUSD wave count.
5 February Ripple price prediction - XRPUSD Forecast
XRPUSD Elliott wave analysis, H2 (click to zoom)
The chart above shows that Ripple is about to lose all of its December 2017 - 4th January 2018 gains. In this period, it broke out of $0.2 - $0.4 range. If the wave count above completes, XRPUSD will be back to this range - 20 cents to 40 cents.
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