Ripple in the last 24 hours has been trading around the 30 cents level with no sign of a breakout yet. The following Ripple price prediction November 6 update is based on the Elliott wave theory.
November 06, 2019 | AtoZ Markets – The third-largest cryptocurrency is constrained within a price range and could spend more time there before breaking out. Since the XRP price hit 31.5 cents in late October, it has dropped to 28.5 cents and has remained within the two extreme levels. Similar price pattern can be seen across the board. The entire market capitalization has been around $250 billion in the last one week. In addition, the 24-hour trading volume is almost unchanged according to Coinmarketcap data.
In the last 7 days, the top 5 cryptos have all had little gains. XRP being the least with just 1% is far less than the average gain (+3.85%). Meanwhile, LTC is leading the way of the top 5 with 8.4% in the last 7 days. BCH and ETH at 4.41% and 3.72% respectively follow in 2nd and 3rd positions respectively. However, in the last one month, the top 5 had significant gains- BCH and BTC lead the way with 30% and 13.5% respectively while Ripple comes at a distant 4th with 8.7% at the time of writing this report. Meanwhile, the market has been very quiet on Wednesday with no significant price changes among the top 5 coins. Currently, Ripple is fluctuating around 30 cents.
Ripple price prediction November 6 update: Elliott wave analysis
Technically, Ripple will most likely continue in the current range in the next 7-14 days especially if there is no quick break above the 31 cents top. In the last update, we identified 30.7 cents, 31 cents and 31.5 cents as the nearest intraday resistant levels. Until the price breach above these levels, a bearish move to 29 cents or below looks attractive. From the Elliott wave perspective, we expect the dip from 31.5 cents to complete a corrective structure and break upside to 37 cents or higher to 51 cents. In the last update, we used the chart below (Charts from TradingView)
We expected a zigzag/double zigzag pattern down to 27.5 cents before the bullish trend move from 25 cents continues. However, the price has gone sideways instead and now looks more like a triangle pattern. The Ripple price prediction November 6 update is shown below.
The dip from 31.5 cents is clearly corrective. However, the corrective pattern is not yet complete. The price might complete a triangle or double zigzag pattern. If the price completes a triangle pattern, we will expect the 28.6 cents to provide support for wave (e). On the other hand, if the price breaks below 28.6 cents, we might see a double zigzag complete at 27-27.5 cents. In any way we look at it, Ripple price should resume upside above 32 cents in the short-term.
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