Ripple breaks even after 30 days. Will there be a minor rally soon? The following Ripple price prediction November 12 update is based on the Elliott wave theory.
November 12, 2019 | AtoZ Markets – After a rally to 31.5 cents to start November on a positive note, Ripple slumped to 27 cents in the days after. At the current price, Ripple has lost 6% in November and 15% in the last 17 days. From the long term, it seems this crypto will slump against the majors again. However, on the short-term, a minor recovery could ensue back to 30-31 cents.
In recent weeks, Ripple has regressed to become the worst-performing cryptos among the top 6. It briefly led the gainers in September when it spiked to 32.75 cents and has recovered slightly from the slump to 21.2 cents. However, the oscillating nature of XRP price since September is leading to a triangle pattern which could break out either way. In the last 30 days, Ripple is almost at breakeven. In the last 7 days, however, it has shed nearly 10% at the time of writing. In the last one year also, Ripple has a setback of 47% while in 2019 YTD, investors have lost 30%. All these red figures might increase unless a massive break to 40 cents happens. If the price breaks below the triangle pattern instead, XRP price might continue below 21.2 cents to 12-13 cents.
Ripple price prediction November 12 update
In the last update, we looked at the long term price analysis. XRP is clearly still under the bearish pressure. The emerging price patterns signal big vulnerability. We used the chart below in the last update (All charts used below are from TradingView).
We also identified the current pattern beneath the heavy bearish zone as a triangle pattern. Although the triangle is preceded by a bearish trend, the breakout can happen on either of the direction. Meanwhile, it seems the sideways range will continue for more days or perhaps a few more weeks. However, the new chart below shows an ending diagonal could lead to the price advancing to the roof of the triangle
A wedge/ending diagonal pattern is complete just above 26 cents. This could signal short term buying opportunities for Crypto speculators. A break above 27.8 cents is required to trigger the move. This might be the wave d of the triangle if the eventual breakout will happen downside. Wave e could, therefore, hit close to 31 cents from the current level. However, a sharp decline could follow or the price stays longer in the wide range.
Read Also: Bitcoin price prediction November 12 update