Ripple is trading sideways but might hit higher prices in the coming week. The following Ripple price prediction takes a technical approach with the Elliott wave theory.
December 07, 2019 | AtoZ Markets – The crypto market has gone a bit sideways in December so far. Ripple gained around 15% in the last days of November. However, the minor recovery is lacking the required momentum to drive the price higher. Ripple is currently priced at 22.3 cents and still remains in the bearish territory. If the current surge ends to be another sideways pattern or a minor corrective pattern, there is a high likelihood that the eventual breakout will happen to the downside. This will thus push the XRP price below the 20 cents low, down to the 12-13 cents target zone.
Ripple performance is among the worst in the league of the top 10 cryptos listed on Coinmarketcap. Meanwhile, Ripple still remains the third-largest crypto thanks to its $9.6 billion market capitalization. From weekly to yearly performance, XRP is consistently in the red zone and HODling investors at different stages from January 2018 are in significant losses. In 2019 YTD, Ripple price has a 36% setback – only Stellar has performed worse among the top 10. The performance in the last 365 days is not as bad with just -28% dip. With the persistent reports of ‘dumping’ in 2019, Ripple looks set for more losses it seems.
Ripple price prediction: Elliott wave analysis
Technically, the story is the same. The Ripple price is heavily under bearish pressure. With Bitcoin likely to hit $5,000-6,000, Ripple is expected to dip toward the 12-13 cents bearish target zone. In the last update, we used the chart below.
After the massive breakdown, we expected a minor correction toward the 25-26 cents Fibonacci correction zone. The price has climbed a bit higher and there could more before the next dip as the new chart below shows.
The minor bullish correction, if shallow, should end between 24 and 26 cents. Meanwhile, a deep correction should hit the 61.8% Fibonacci retracement level between 27 and 28 cents. In whatever case, XRP is expected to continue the bearish trend below 20 cents unless a massive surge happens to break above 31.5 cents.