Ripple broke above 30 cents on Friday as the crypto market sets to end the week upbeat. The following Ripple price prediction October 26 update is based on the Elliott wave theory.
October 25, 2019 | AtoZ Markets – The cryptocurrency market spiked on Friday to take the market away from the recent bearish zone. Ripple surged and almost hit 31 cents, but it is now trading back a little below 30 cents at the time of writing this report. From the 25 cents low, it gained nearly 25% in the last 48 hours. Will this surge lead to total recovery?
Ripple was not alone. Other cryptos had similar rallies. Bitcoin advanced to $8,750 while Ethererum, Litecoin and Bitcoin Cash also hit $183, $57 and $265 respectively. The market, in turn, gained $22 billion in less than four hours. We will have to see what happens next. There has not been any confirmed news to support this move.
The reports that circulated the Crypto media space this week said that the Chinese president is planning on adopting the blockchain technology. The Chinese government is notoriously known for opposing Cryptocurrency. However, the country’s President Xi Jinping in a blockchain conference said that it was time that China adopted blockchain as innovative technology. Will this be a turning point for the market, which was made new lows barely 48 hours earlier?
Ripple price prediction October 26
We had expected XRP’s bearish run to continue toward the 21 cents low in the last update. In a volatile market like this, where prices could easily change, the current surge was not absurd. Ripple price broke above the 30.5 cents intraday resistance on Friday but quickly fell below 30 cents. However, as the chart below shows, if the price advances with a proper break above 30 cents, we will most likely see the break of the 32 cents high and probably the 37 cents high.
The dip from 30.5 cents to 25 cents started like a bearish impulse wave that could push the price below 20 cents. However, with the current surge, that has become invalid. The dip now looks corrective instead. To confirm there are actual bullish volume pushing upside, the current surge should continue to the 32.75 resistance level. Afterwards, we could start counting a bullish impulse wave from 25 cents. There might be a minor dip to retest the big trendline at 29 cents. Eventually, the bullish momentum should push upwards above 37 cents. On the other hand, a fast dip below 25 cents will invalidate this expectation.