Since the 21st September spike to 79 cents, Ripple has stayed in a range below 62 cent and above 37 cent despite the plunging Crypto market. Could XRP spike again by the end of 2018?
Last year, in a very buoyant Crypto market, Ripple came as the best performer with about 3000% profit. This year, in a bearish Crypto market, Ripple has also been among the best performers with a loss far lower than most. In market capitalization, Ripple has climbed second place, just below the mighty Bitcoin. Without doubt, many will consider Ripple the best altcoin with its ability to perform better than others in both good and bad days.
From a large perspective, of course, Ripple also plunged badly this year losing more than 80% of its market value. However it has refused to hit a new low this week despite Bitcoin dropping below $4500 and Ethereum below $130.
Since the 21st September spike to 79 cent, XRPUSD has stayed range-bound between 62 cent and 37 cent. It has stayed above the 40 cent mark so far this week. Though its market cap dropped about 15% of last week's $20 billion average but the trade volume has now stayed above the $1 billion mark for the third consecutive day according to data from Coinmarketcap. From a technical analysis perspective, it seems a big breakout could happen before the year ends or early next year.
XRPUSD Technical Analysis and Important Price Levels
Since the 21st September price surge, Ripple is confined into what could end up as a bullish triangle pattern. At the end of a triangle pattern, price often breaks out in the direction preceding the pattern. The chart below shows the big, quick spike to 79 cent preceding a likely triangle pattern.
Despite this week bearish Crypto market, Ripple has stayed above 37 cent low. Since the 79 cent move, price has completed two corrective legs. The 3rd corrective leg which is expected to stay above 37 cent, is now eyeing 40 cent. The 4th and 5th leg might go up to 50 cent and drop to 41-42 cent respectively. If price moves this way, we will see Ripple remain sideways between 40 and 50 cent up to December. At the end of the last two legs, a bullish breakout is expected to happen above 50-60 cent to 75-80 cent. The last two weeks of the 2018 or the first two weeks of 2019 are likely time zone for this to happen. In contrast, breakout could also happen downside. If price breaks out downside instead, a dip to 25 cents should quickly follow.
What are your price targets for Ripple before the year ends? Please share with us in the comment box below.