Ripple stalled on its recovery to 46 cents. It dropped to 42 cents on Tuesday. The following looks at what could happen next from technical perspectives.
June 19, 2019 | AtoZ Markets - The cryptocurrencies retreated from the rallies earlier in the week. Ripple which was about to break toward the 48 cents high dropped to 42 cents on Tuesday. The volatility has been very low on Wednesday as the major cryptos go sideways. Ripple was supported just at 42 cents and moved toward 44 cents. The recovery attempt is not strong enough as the 3rd largest crypto currently exchanges for a little bit below 44 cents.
Bitcoin also dropped from 9,450 to 9,000 before it recovered slightly above. A similar move is seen on Ethereum and Bitcoin Cash. Litecoin is a bit different as it managed to challenge the $140 minor resistance level. Ripple together with Bitcoin cash, EOS and Stellar is the biggest hit among the top 10 cryptos in the ongoing dips. Altogether, the market has recovered half of the $10 billion loss recorded in the last 7 days. There is no much hurt so far to the total market recovery from the 2018 bearish trend.
Ripple analysis: important price levels
The XRP bulls couldn't push above the 46-48 cents barrier on the way to 57 cents and 80 cents critical levels. A breakout should eventually happen toward 80 cents to $1. On the downside, 37 cents remains the accepted lowest price for the bullish forecast. A fast break below 37 cents might lead to further dips toward 28.5-30 cents or below.
Ripple price prediction: Elliott wave perspective
From the Elliott wave perspective, we expected resistance at 46-48 cents zone. However, after the current dip, a big surge toward 80 cents is expected. The chart below was used in the last update.
A bullish impulse wave is expected. The first and second waves ended at 48 cents and 37 cents respectively. The 2nd wave ended with a flat pattern and price quickly pushed toward 46 cents to complete the 1st sub-wave- wave (i) of the 3rd wave. Wave (ii) has already started as the new chart below shows.
Wave (ii) is expected to continue to 40-42 cents - perhaps slightly below. Unless a break below 37 cents happens, this forecast will still be valid. A bullish break above 46 cents will confirm the start of wave (iii) toward 80 cents.