The cryptocurrency market is on the rise again. Ripple is heading toward 30 cents. the following takes a technical view based on the Elliott wave theory.
October 11, 2019 | AtoZ Markets – Ripple almost hit 29 cents on Wednesday and hit its highest price in nearly three weeks. It gained almost 35% from the 21.5 cents low. However, the rally looks corrective and there are chances that the third-largest cryptocurrency will resume the bearish trend. Since Wednesday, XRP has dropped mildly to 27 cents and now close to the support base of the rising channel from 21.5 cents low.
Meanwhile, the entire market value is a bit unchanged from what we saw at the beginning of the week. At the time of writing, the Cryptocurrency market is valued at $226.5 billion with bitcoin holding 66.8% of that. The premier cryptocurrency outperformed Altcoins earlier this week with a big break to $8,550. The market still remains in the bearish zone. Unless a massive break out happens, the bears might exert more pressure on the market to push it lower.
Ripple price analysis: important price levels
Resistance Levels: The price is still out of the reach of the 32.75 cents and 37 cents critical levels. Ripple will have to come with a major breakout above 32.75 cents before we talk about a major recovery. What is most likely is further dip after the current bounce. The current bounce hit slightly above the 27-28 cents Fibonacci resistance zone. By the way, a quick dip has followed to 27 cents.
Support Levels: 24-25 cents and 21–21.5 cents support zones are the major critical levels beneath the current Ripple price. A break down below 24 cents is expected to be followed by a drop toward 12 cents bearish target.
Ripple price prediction: Elliott wave analysis
XRP still remains within the bearish grasp in spite of the nearly 35% surge from 21.5 cents. The rally looks corrective. In the last update, we used the chart below to illustrate how the rally from 21.5 cents could emerge.
A double zigzag corrective pattern was emerging. XRP broke above 25.8 and 26.5cents intraday levels and rose to the resistance zone between 27 and 28 cents as we expected. The new chart below shows XRP being resisted at the 27-28 cents zone.
If XRP breaks below the double zigzag channel, the bears might just resume and push it below 20 cents. On the other hand, if the price bounces at the current level and hit above 29 cents, the correction will continue higher toward 32 cents.