Ripple hit above 30 cents on Thursday to strengthen its place as one of the top gainers in October. The following Ripple price prediction October 19 updates looks at what could happen next based on the Elliott wave theory.
October 18, 2019 | AtoZ Markets – The story of the XRP cryptocurrency has been a bit better in October. Although it has maintained its status as the 3rd largest crypto based on market capitalization, Ripple has had a tough 2019. Coming from a bearish 2018, Ripple extended losses and claimed a new low while other cryptos recorded significant gains despite 2019 H2 dips. In late September, the cryptocurrency hit 21.2 cents – its lowest since November 2017. However, after the 21.2 cents low, Ripple price has climbed and remained positive in October so far. On Thursday, it hit 30.3 cents to complete an impressive 43% gain. Although XRP dropped to 29 cents on Friday, it’s still generally healthy in October so far.
XRPBTC technical analysis: Elliott wave
Between January 2018 and September 2019, Ripple shed 90% against Bitcoin. XRPBTC slumped massively. Within this period, Bitcoin dominance grew from just around 50-55% to 70%. Since late September, altcoins have covered some ground and thus cut BTC’s dominance to 66.4%. XRPBTC has gained 60% since August/September. This is its biggest surge since the turn of the year.
XRPBTC D1 Chart (Trading View)
The chart above shows the completion of the XRPBTC bearish cycle that started in January 2018. Ideally, a strong long-term bullish trend should proceed from here. If the other Altcoins follow in this direction and outperform Bitcoin, BTC’s dominance will drop back to 50% or less. This may look a bit unrealistic because the market generally needs BTC to surge. However, the rally is expected to continue to at least 50% of the wave C (circled).
Ripple price prediction October 19: Elliott wave
Despite Ripple’s rally to 30 cents, the whole move looks corrective. Unless the surge breaks above 33-37 cents wide resistance zone, the bearish trend will most likely return. In the last update, we had a double zigzag corrective pattern in view. We used the chart below.
XRPUSD 30mins (Trading View)
However, the channel baseline provided support and XRP broke above 29 cents. The current price pattern shows an ending diagonal/wedge pattern. This pattern most often signals reversal – the start of a correction or complete change of trend. The new chart below shows the two scenarios that could follow if price breaks below the support neckline of the pattern.
XRPUSD H1 Chart (Trading View)
The chart above shows the Ripple price prediction October 18 update. With BTC bearish trend likely to resume, XRP could follow in this direction. The chart above shows two scenarios. If XRP drops below 28 cents, it should be followed by further decline. If the dip is limited above 22 cents and Ripple price breaks above 30.5 cents and 32.5 cents, it’s expected to climb to 51 cents and lead to a bullish trend. However, if it drops below 21.2 cents, last update’s bearish target of 12 cents will be eyed.