Ripple is falling below 25 cents on Thursday and looks set to break downside. The following Ripple price prediction is based on the Elliott wave theory.
October 03, 2019 | AtoZ Markets – The cryptocurrency market is still rooted to the downside though there are minor recoveries seen so far this week. The market has dropped about $3 billion in the last 12 hours. Ripple’s trading volume is about hitting the $1 billion mark again. Although XRP is the 3rd largest in term of market capitalization, it stands behind BTC, ETH, USDT, BCH, LTC and EOS in terms of the 24-hours trading volume according to data available on Coinmarketcap.
On Monday, Ripple rallied above the 23.5-24.5 cents resistance zone but it was meant to be a minor bounce from the new 22-months low that was hit last week. Unless a massive surge happens above the 32.75 cents resistance level, Ripple will continue to be attracted to the downside. At a time when the entire market is bearish coupled with the recent reports of XRP dumpings, there is no enough bullish appetite required to cause a massive breakout. The negativity is still around and might push XRP to lower prices below 21 cents.
Ripple analysis: important price levels
Resistance Levels: XRP recovered above the 23.5-24.5 cents resistance zone but has dropped back into it. We will have to see if the current recovery will go higher to 27-29 cents Fibonacci resistance zone. Other resistance levels are 32 cents, 34 cents and 37 cents
Support Levels: 21 cents, 20 cents and 12 cents. Price dropped below 25 cents on Thursday. A break below 21 cents is expected to hit prices close to 12 cents.
Ripple price prediction: Elliott wave analysis
In the last update, we looked at the current rally from 21.5 cents. Price could get attracted to the 50%-61.8% Fibonacci retracement levels at 27-28.4 cents. We used the chart below.
XRP price has gone sideways since the last update and as the chart below shows, a double zigzag is quite possible toward the Fib reversal zone.
XRP is expected to break above the wave (x) channel to continue the correction upwards. If it breaks below the 23.5 cents instead, the correction may have already ended. Meanwhile, there is a higher chance that the correction will continue to 27-28.4 cents zone where we also have the top of the channel adding to the strength of the zone. Unless a massive break happens upside above 32.75 cents, we should see XRP decline to first 20 cents and then 12 cents.