Ripple continues the bearish correction from 31.5 cents. How deep will it go before the larger bullish run continues? The following Ripple price prediction November 1 update looks at what could happen next.
November 02, 2019 | AtoZ Markets – The cryptocurrency market has been on the downward slope since most cryptos hit their October highs at the start of this week. However, the market capitalization is a bit unchanged since Monday. At the time of writing, the market cap was at $245.6 billion according to data available on Coinmarketcap. October ended bullish for the market including Ripple after sharp recoveries followed sharp declines at the start of the last week. Ripple rallied to 31.5 cents although still short of the September high of 32.75 cents.
In the last one year, Ripple price remains the worst performer among the top 7 coins with a 36% decline. To compare, Bitcoin and Litecoin gained 45% and 15% respectively in the same period. Meanwhile, in the last 30 days, Ripple has surged to be the second top gainer among the top coins with +16% gain, only led by BCH’s 24% gain. In the last one week, however, XRP has fallen behind with nearly 3% decline while BCH, BTC and LTC maintained positive returns of 9%, 7.5% and 1.5% respectively. Currently, XRP is priced at 29 cents and in a corrective dip. The crypto market should resume upside in the coming week and so should Ripple.
Ripple price prediction: Elliott wave analysis
Ripple wave analysis from the long term is not as clear as Bitcoin’s. At the same time, the 21-2 cents-32.75 cents price range in the last two weeks can give a good clue. The price is much closer to the 32.75 cents high and therefore gives the bulls a higher chance of pushing toward 37 cents or even 51 cents before the year ends. On the other hand, the bears have to overcome the 25 cents support before pushing lower to 21.2 cents. However, the recent optimism around the market might make this a tough call for the bears. Meanwhile, XRPUSD wave analysis from the lower time frame is much clearer.
In the last XRPUSD update, we had the chart above. After the update above, wave 1 shown above, was short of the 32.75 resistance level before the wave 2 started. The chart below is the Ripple price prediction November 1 update and it shows that the dip from 31.5 cents is clearly corrective.
The chart above shows a more explanatory labelling. The dip from 31.5 cents could complete a zigzag pattern around 27.5-28 cents. The rally from 25 cents should continue afterwards. However, we are yet to know whether this will lead to complete recovery above 51 cents or a simple A-B-C bullish correction pattern below 37 cents. In addition, the current dip from 31.5 cents could complete a triangle pattern if it continues sideways above 28.5 cents and 31 cents for many days. Eventually, if a triangle pattern happens, the chances that the rally from 25 cents will end up as a larger bullish zigzag correction below 37 cents becomes higher.