Ripple price prediction October 23 update

Ripple slumps to 27.35 cents on Wednesday to resume the bearish run. The following Ripple price prediction October 23 update is based on the Elliott wave theory.

October 23, 2019 | AtoZ Markets– Since late September, the Ripple bulls have pushed to 30 cents. After having a terrible year, the third-largest crypto led the others for the first time in a long while. However, the bulls struggled to push higher as the entire market became downbeat. Eventually, Ripple price gave up to the sell-offs seen across the board on Wednesday. Hence, it had its biggest 1-hr fall since September 24 and currently trades at 27.4 cents (at the time of writing this report).

The pessimism in the market has returned. On Wednesday, Bitcoin fell below $7,850 low after it struggled to float above $8,000. Since the beginning of the week, the market has shed about $17 billion. If this bearish run continues throughout this week, the entire cryptocurrency market capitalization will surely drop below the $200 billion mark.

Ripple price prediction October 23 update

In the previous technical updates, we reckoned that the rally from 21.2 cents was corrective and slow. That was not the sort of recovery expected after such a downfall Ripple has had since January 2018. Bitcoin sell-off was meant to continue toward the $5,500-6,000 target zone as shown in the last Bitcoin price prediction update. If this happens, Ripple price will most likely drop below 20 cents to hit a new low. There are no clear critical support levels above the 21.2 support level. Therefore, a free fall is very much likely. To the upside, the major near-term resistance levels remain at 32, 37 and 51 cents. Below them is the immediate resistance level at 30.5 cents. In the last update, we used the chart below to look at the most likely scenarios.

XRPUSD H1 Chart (Trading View)

A bearish breakout was expected. However, how deep it would go yielded two possible outcomes. Eventually, the bearish breakout happened as the new chart below shows.

Ripple price prediction October 23 XRPUSD H1 Chart (Trading View)

The chart above shows the Ripple price prediction October 23 update. The manner of the breakdown suggests the second scenario is more likely. Ripple is expected to decline toward the 21.2 cents low. On the other hand, the first scenario is not yet valid. Ripple is expected to advance further toward 37 cents if the price turns around from the current price and surge above 30.5 cents. However, considering Bitcoin’s overwhelming bearishness, Ripple is expected to continue toward 21.2 and even break below it.

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