Ripple has returned bearish this week. A range-bound move above 21 cents is very likely as we cross to the other end of the week. The following Ripple price prediction is based on the Elliott wave theory.
December 11, 2019 | AtoZ Markets – Ripple has stayed quiet in the last 48 hours after entering into the 22-22.5 cents range. This was preceded by a 5% dip between Sunday and early Tuesday. Ripple is now at the risk of getting a worse beating with 21.1 cents and 20.3 cents only the support levels between the current price and the 12-13 cents bearish target zone. However, with momentum shrinking, we might see XRP price stay longer in a bit loose range. It might also continue the recovery from 20.3 cents to 24-25 cents short-term bullish target zone. This, of course, is a hard nut to crack as Bitcoin price shows signs of deeper bearishness.
Will Ripple rise before Bitcoin halving?
Meanwhile, the cryptocurrency market has stayed steady since Tuesday after falling below the $200 billion (market cap) mark according to data on Coinmarketcap. Bitcoin still holds a huge 66.6% market dominance. Bitcoin might drop further into the $5,000-6,000 zone until the 2020 halving. This will most probably also be the fate of the Altcoins as their joint survival seems to depend on how Bitcoin performs.
Meanwhile, Ripple remains at the top of poor performance table after dropping to its lowest since September 2018. From anywhere you want to look at it since January 2018, Ripple is proving to be a bad investment. But how deep could it go? Will the third-largest cryptocurrency ever hit the December 2017/January 2018 heights? The answer is quite dependent on the rise of Bitcoin after reward halving. Ripple is therefore expected to drop lower into the 12-13 cents zone in the last quarter of 2019 and the first quarter of 2020.
Bitcoin price prediction: Elliott wave analysis
From the long-term perspective, it’s clear Ripple price remains in the bearish territory. The sell-off seems not to have reached the bottom. The current bounce, although shallow so far, might hit 24-25 cents as explained in the last update. We have used the long-term chart below to illustrate the XRPUSD technical analysis in previous updates
Since the XRP price broke downside to 20.3 cents, it has only recovered slightly. In the last update, where we used the chart below, we expected the current bounce to continue to the Fibonacci retracement levels between 50% and 61.8% (25.86 cents and 27.19 cents).
With the corrective development in the chart below, a shallow double zigzag might end between 24 and 25 cents before the bearish trend continues. However, it’s a bit premature to identify the emerging pattern. We will have to wait and see what pattern completes and how high the correction gets. But it seems the bears are not done yet.