Ripple is going sideways in the last week of the month. What's likely to happen in February? Will price rally or the bearish correction will continue. February 2018 Ripple price prediction gives clues on XRP/USD.
29 January, AtoZForex - Since 22nd January, Ripple has been trading between $1.4 and $1.1 in a typical sideway move that lacks momentum. About 2-3 weeks ago, Ripple market cap was above $140 billion. Currently, the market cap stays at $51 billion following a price drop from $3.85 to 85 cents in a bearish Crypto market. Technically, it seems as if the bearish correction will continue to possibly 50-75 cents. There is also a big chance that before the next bearish leg to this level, a bullish move could happen to $2.5. How likely are these options?
In the last update, the chart below was used.
XRP/USD Elliott wave analysis, H2 (click to zoom)
The rally to $3.4 is labelled as the all-time wave 1 while the corrective wave 2 which was expected to around $1.5 went deeper to $0.85. The dip from $3.4 to $0.85 is impulsive. The rally that’s following looks corrective. Wave (a) and (b) of a zigzag pattern?. If this is the case, Ripple could crash back to $0.2-$0.4 zone, after a rally to around $2.5, marking the end of wave 2. The Elliott wave rule for motive waves says wave 2 shouldn’t exceed the 100% retracement of wave 1. Of course, price can not go below $0 (where wave 1 started). There could still be hope for a far stronger bullish resurgence but the potential depth of this wave 2 could cause a big worry for investors especially those that are not familiar with Elliott wave theory. Unless price stays above $0.85 and breaks above $3, a crash is very possible
What has happened since the last update? Sideway move as shown in the chart below.
February 2018 Ripple price prediction - XRP/USD forecast
What should we expect in February?
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. How likely is this? We will follow up with updates as price moves. Stay tuned.
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