Ripple bounces off 21 cents to hit 23 cents on Thursday. How has XRP performance been since the all-time high?
September 26, 2019 | AtoZ Markets – Ripple fell to its 21 months low in September after a massive slump across the Cryptocurrency market. The first half of 2019 was bullish for most of the majors but the second half has seen much of the gains shed. At the start of 2019, the market capitalization was around $133 billion. Since the first real surge in April, the market climbed to $385 billion in late June. However, the market has lost over $175 billion in the last three months.
Ripple has been the worst hit among the majors with a 30% net loss in 2019 so far. This has seen XRP trading at its lowest since Nov/Dec 2019 and 93% fall from its all-time high.
Ripple analysis: important price levels
There was a strong support zone at 23.5-28.5 which has been holding Ripple price since late August 2018. Price touched this zone in December 2018 and May 2019 before it finally breached it on Wednesday. Price could now head to 12 cents which was the low of the June-December 2017 triangle pattern that preceded the December 2017 breakout leading to the all-time high. 12 cents is, therefore, the next target once the 20 cents handle is breached. To the upside, the long term resistance levels are 32.6 cents, 51.1 cents and 79.5 cents
Ripple price prediction: how deeper could the dip go?
The daily chart above shows the decline from the $3.3 all-time high, emerging into a wedge/diagonal pattern. The last leg is breaking below the strong support zone. However, the breakout is not yet as significant as necessary. If a massive surge happens above the zone and XRP breaks above the wave C of (5) channel (blue), then the bulls will have a really big chance to make a big recovery. If there is no massive breakout, the current dip should continue to 12 cents. The short-term chart below shows wave C is emerging into a simple zigzag pattern. It is an adjustment of the last update.
Wave c could extend to 12 cents before XRP could have a chance to start a strong bullish move. Despite the bearish moves in the second half of 2019, XRP is clearly the worst performing among the Crypto majors.