Ripple crashed to 29 cents on Wednesday to hit its lowest price since January. Will it drop further?
April 24, 2019. AtoZ Markets - XRP has not had a very good run in 2019 in spite of a buoyant crypto market. While Bitcoin has gained nearly 75% since the December low, Ripple has struggled to consolidate on gains. The April rally took it to 38 cents but that was all about it as the 3rd most capped crypto dropped back to 32 cents. Today's crash to 29 cents marks the crypto's lowest price in almost three months and thus strengthens the possibilities of one more leg downside.
Meanwhile, most cryptos have followed a bearish path today. Bitcoin retreated to 54xx after a rally to 5600. The entire market capitalization lost nearly $4 billion - now at $176 billion. The reason for the current dip is not yet known. Apart from Bitcoin losing 2%, most of the top ten cryptos have had an average loss of 7.5% in just a matter of minutes.
Will Ripple crash to a new low?
Price pattern on XRPUSD chart has been screaming bearish prior to the current crash. While Bitcoin is emerging into an impulse wave which could lead to recoveries into the 6000-7000 territory, Ripple completed a corrective zigzag pattern at 38 cents and has responded with bearish moves. In the last update, where the chart below was used, we expected further crash below 30 cents and XRP reaching a new low at around 22 cents.
After the zigzag pattern completed, price rebound just above 31 cents and we envisaged further dips as a bearish impulse wave from 38 cents could complete after reaching a new low. Probably after this run, XRP will start a real recovery. Today's dip has seen a break below 30 cents low to 29 cents.
Ripple price Elliott wave analysis and important price levels
XRP has broken below the zigzag channel after a 2nd minor-wave rally to 35 cents. Unless a fast and sudden upsurge happens back into the channel and above 35 cents, XRP seems destined to the downside. A 5-wave dip from 38 cents to 22 cents is very much likely. Whether Bitcoin and other cryptos will move in this direction remains to be seen.
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