Ripple staged a minor recovery to 40 cents but the upside still looks limited. Unless a big surge happens, a hit of 35 cents looks much likely.
June 12, 2019 | AtoZ Markets – By market value, Ripple remains the 3rd largest cryptocurrency with a market capitalization of $17 billion. Ripple has been the most sluggish among the top 10 ranked on Coinmarketcap. While Litecoin, Bitcoin Cash and EOS have each gained over 500% between late May and early June from December 2018, Ripple gained only 62% when it hits 2019 high at 48 cents. Taking the current dip into consideration, XRP has only returned about 36% at the current price since December.
XRP started June bearish. Despite making efforts thrice in the last two weeks to recover toward the 48 cents high, the bears continued to resist and XRP hit new lows (40 cents, 38 cents and 37 cents) after each bounce. The current bounce to 40 cents started from 37 cents and if the recent trend will continue, XRP should make a new low soon.
XRPUSD technical analysis: important price levels
Since the 30th May crash to 40 cents, XRPUSD has made two minor resistance at 43 cents and 48 cents. If price breaks above these levels, a quick retest of the 48 cents will happen. Above 48 cents, XRP could get enough bullish momentum to push it to 80 cents especially if the entire crypto market continues the 2019 recovery. To the downside, another dip to 34-35 cents is now very much likely to happen before the next bullish run. A dip below 34 cents will turn XRP bearish toward the 28.5 cents low.
Ripple price prediction: Elliott wave perspective
The Elliott wave theory has been very effective in analyzing the crypto market. The wave pattern from 48 cents looks corrective – completing a complex zigzag pattern. The price pattern of the June dip is very similar to Bitcoin’s. In the last update, we expected a dip to 35 cents with the chart below.
The outlook is neither invalidated nor complete yet. A double zigzag instead of a simple zigzag is now favored. Meanwhile, the interpretation is not different – price is completing the second leg of wave (ii). The chart below shows the new update.
An ending diagonal pattern is appearing at the last end of the double zigzag pattern. A big move in the opposite direction is often seen after this pattern completes a move. Ripple is expected to start the third wave toward 80 cents once the 2nd wave ends around 34-35 cents.