Ripple has returned bearish after hitting 26 cents on Wednesday. The following looks at what could happen next based on the Elliott wave theory.
August 21, 2019 | AtoZ Markets – Ripple is the 3rd largest cryptocurrency as ranked by Coinmarketcap based on market capitalization. However, it has the worst performance so far in 2019 in the top 10 rankings. It tanked to 24 cents last week to make its lowest price since late 2017. There was a bounce off to 29 cents but the strong resistance zone at 28-30 cents was not breached before the bears pushed further downside. A dip below the 24 cents low is now very close.
Ripple price analysis: important price levels
To the upside, the price needs to break above the 28-30 cents resistance zone before any talk of recovery would even start. At the moment, this does not look likely. Just above this zone is the 34-37 resistance zone. If the price breaks above this zone, we might say the bullish recovery has genuinely started. To the downside, the bears are very much likely to break below the 24-25 support zone. If this happens, 20 cents is the next bearish target. We are not certain of how deep the price would go but prices around the 20 cents is a good region to look for bullish reversal patterns.
Ripple price prediction: Elliott wave analysis
The crypto market is in a corrective phase and it’s believed that the correction is in the last leg if we are to measure by Bitcoin price activities. Ripple, though lagging behind, might also get a boost once the correction is over. From the 51 cents 2019 high, a bearish impulse wave is emerging and might be the last leg preceding a huge surge. In the last update, the chart below was used to measure how far the last leg has gone and how farther it could.
From 51 cents, the 4th wave of v was emerging and was resisted at 29 cents. The XRP price was expected to dip further to complete the 5th wave of v. The new chart below shows this scenario is still playing out.
Wave v is expected to be extended below 24 cents to 20 cents. Price could go deeper. Meanwhile, a fast break above the falling channel will be the first reaction from the bulls.