Ripple has gone sideways after a minor recovery. The following technical analysis is based on the Elliott wave theory.
August 27, 2019 | AtoZ Markets – The Ripple price remains under the bearish pressure. XRP recovered mildly after the Sunday sell-offs just to go sideways afterwards with the closest resistance at 29.5 cents and closest support at 25.9 cents.
The cryptocurrency market is generally bearish at the moment after a strong move in the first half of the year. The market continued the bearish onslaught on Sunday. Meanwhile, there were significant recoveries early on Monday. However, the market is back in the red zone with the market cap unchanged in the last few days. Ripple remains the 3rd largest crypto with $11.5 billion in market capitalization and currently (at the time of writing) priced at 26.7 cents. Meanwhile, its price movements since December 2018 has made it the worst-performing among the top 10.
CoinField partners with XRP
Ripple is not lacking new investments in spite of its performance in the last 9 months. Just of recent, the Canadian trading platform CoinField announced the launch of a new project on Ripple’s ledger. The CEO of the fintech firm, Bob Ras tweeted about this development. He wrote:
”Our team is currently working on a great project on top of #XRP ledger! This will change the game”. According to Bob, CoinField has been working on this project for over 6 months and did promise to reveal more details in September.
Ripple analysis: important price levels
The rally is expected to be limited below 29.5 cents resistance level. If price breaks above 29.5 cents, the next resistance level to watch out for is the 34 cents level. To the downside, the 26 cents and 24 cents support levels are very vital for the bear. A break below is expected to be followed by the hit of the 20 cents psychological level.
Ripple price prediction: Elliott wave analysis
In the last update, we started counting a bearish impulse wave from 51. The impulse wave was expected to be the last leg of the bearish phase. The chart below was used in the last update.
Since the break below the channel, the XRP price has gone sideways between 26 and 28 cents. The new chart below shows the wave forecast above is still valid.
Wave v of C is expected to break below 24 cents to 20 cents at least. Once the price breaks below the 24 cents support, XRP could drop much deeper unless a massive bullish breakout happens above 30 cents to saves the bull.