Ripple has dropped to the 28 cents low as the Cryptos see red. The following looks at what could happen next based on the Elliott wave theory.
August 14, 2019 | AtoZ Markets - It has been a bad story for Ripple so far in 2019. The once-promising crypto was expected to be at the front of another crypto resurgence similar to the 2017 bullish run. In the first half of 2019, while other top cryptos like Bitcoin, Bitcoin Cash and Litecoin recorded gains in the excess of 300% and 500%, Ripple barely had 60% increase in the same time frame. In the bearish 2nd half seen so far, Ripple has lost all of the 2019 gains and even looking to breach a critical support zone to possibly hit its lowest price since December 2017. Price is very much rooted to the downside. From technical indications, the next bearish target is 25 cents or maybe lower.
Despite the lacklustre XRP performance in 2019, better performing BCH and LTC are still far behind it on the table of the largest cryptocurrencies based on market capitalization, thanks to its over $12 billion market size. Ripple currently (at the time of writing) trades at 29 cents after losing about 2% in the last 24 hours and its 24-hour trade volume has dropped massively below the $1 billion. Litecoin (LTC) and Bitcoin Cash (BCH) trading volume in the last 24 hours stand at $1.87 billion and $2.81 billion respectively. Traders are looking away from Ripple.
Ripple price prediction: Elliott wave analysis
Ripple is in a bearish run since the start of this month, just like other cryptos. Before the current dip, we looked at the emerging bearish pattern in the last update that suggests XRP could hit 25 cents and even far below. The chart below was used.
The price completed a flag pattern which started at 80 cents and dropped to 30 cents just to go sideways. A triangle pattern was emerging as the chart above shows. The last leg, wave E was not completed before a break below the triangle support line. The new chart below shows a different wave count.
The dip from the 51 cents 2019 high is emerging into an impulse wave with shallow bounces. Price is currently between the 25 cents low and 37 cents high. The former looks more attractive. Price could breach below 25 cents to 20 cents to make the lowest price since the December 2017 bullish breakout.