Ripple recovers to 44 cents on Monday after making a swift recovery from 36 cents. Will XRP drop or break above the 48 cents high? The following insight is based on the Elliott wave theory.
June 03, 2019 | AtoZ Markets – The crypto market continues the 2019 bullish run after 2018 bearish trend. Confidence is coming back in the digital currency market. In almost a week, XRP market capitalization lost about $2 billion but still remains the 3rd ranked crypto on coinmarketcap at $18.7 billion. Meanwhile, Ripple has been slow in the current recoveries. It hit its 2019 high of 48 cents mid-May. Since this peak, XRP has made two swings – downswing to 36 cents and an upswing 47 cents. At the end of last month, the price dropped fast to 40 cents but a recovery to 46.5 cents quickly followed.
Ripple price forecast: Elliott wave perspective
It seems there are still more rooms for the bearish correction from 48 cents. From 28.5 cents, an impulse wave pattern could emerge toward 80 cents to $1. The 1st wave ended at 48 cents but the end of the 2nd wave has not yet been confirmed. In the last update, the chart below was used.
The last leg was expected to 35 cents but price followed with a corrective recovery. It now remains to be seen if a break above 48 cents would happen. If it does, then wave (ii) has already ended at 36 cents. However, the chart below shows further breakdowns could happen to complete wave (ii).
A break below 40 cents will see the price dropping further to retest the 36 cents low. Wave (ii) could, therefore, take a lower price than 36 cents. If price bounces off 35-36 cents price zone or maybe slightly below, wave (iii) could start toward 80 cents. A similar corrective structure can be seen on Bitcoin. However, while XRP is making a 2nd wave dip, bitcoin is making a 4th wave dip. That says a lot about how XRP has lagged behind other majors in the current bullish phase. If XRP will catch up, it will have to lead the way when the next bullish breakout happens.