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Ripple price prediction: is strong bullish breakout imminent?

Ripple price prediction: is strong bullish breakout imminent?

Ripple rallied to 45 cents on Monday to complete a 25% gain in a week. It seems this is just the beginning. Is Ripple about to spike toward $1?

June 18, 2019 | AtoZ Markets – The progress of the Ripple cryptocurrency in 2019 has been a stunted one compared to others in the top 5. However, in the last one week, there has been a 25% surge in the price of Ripple. It hit 45 cents on Monday and now close to making a fresh 2019 high. Though currently lagging behind, Ripple could stage a big surprise and spike to meet up with its folks in the coming weeks or months. Currently, XRP is back at 44 cents and could continue to 42-41 cents but a strong bullish breakout above 48 cents is very much likely. 

Ripple partners with Moneygram

Money transfer giant has had an agreement with Ripple to become its key partner ”for cross-border and foreign exchange settlement using digital assets”. Ripple announced this latest development on its official blog post. In addition to this, Ripple has decided to invest up to $50 million in Moneygram in exchange for the company’s equity. This kind of partnership is what the cryptocurrency market needs at this time. This partnership will open Ripple to $600 billion global remittance market and clients from over 200 countries and territories. It will surely boost investors’ confidence and drive prices higher. Meanwhile, since this announcement Ripple has gained 10%. 

Ripple analysis: important price levels

Ripple should break above the 48 cents 2019 high to hit critical levels at 57 cents and 80 cents. $1 is also very likely. Any downside move is expected to be limited above 37 cents. There is an intraday support level between 41 and 42 cents where the next dip might rest before the next bullish breakout.

Ripple price prediction: Elliott wave perspective

Our Elliott wave forecast supports Ripple to continue the bullish run from 28.5 cents. Since price dropped below 48 cents, the bulls have lacked enough momentum to break out but that might be about to change. In the last update, we identified a potential bullish impulse wave toward $1 after price completed a flat pattern second wave. The chart below shows the new update.

The 2nd wave ended with a flat pattern at 37 cents before price pushed to 45 cents to start wave (i) of the 3rd wave. Wave (ii) might follow to 41-42 cents afterwards if the price is resisted at the 46-48 cents zone. Eventually, wave (iii) would break above 48 cents and head toward 80 cents.

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.