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Ripple price prediction: XRP short term forecast to 35-37 cents

Sanmi Adeagbo | Jul. 30, 2019
Ripple price prediction: XRP short term forecast to 35-37 cents

Ripple is picking up above 30 cents. How high will it rise? The following Ripple price prediction is based on the Elliott wave theory.

July 30, 2019 | AtoZ Markets -  Ripple has been the worst performer among the top 10 cryptocurrencies listed on Coinmarketcap. The 3rd largest and the second most popular after Bitcoin has had almost no net gains in 2019. After rising from 28.5 cents to hit 50 cents during the market's bullish phase in the first half of the year. However, it dropped back to 28.5 cents as the general crypto market started a bearish correction in the 2nd half. It followed the dip to 28 cents with recovery to 34 cents. Last week, XRP dropped below 30 cents but currently exchanges for 31.5 cents after today's minor rally. 

While the bearish correction continues across the board, XRP looks more likely to fall to lower prices below 28 cents but after the current rally ends. Ripple's current market capitalization of $13.28 billion places it firmly above Litecoin and Bitcoin Cash and only behind Bitcoin and Ethereum in the capitalization table. 

Ripple analysis: important price levels

Price is bouncing off the 30 cents psychological level. Below 30 cent, we have the 28 cents which is a very important and critical level. A dip below will see XRP making lower lows than November/December 2018 lows. To the upside, the intraday 34 cents resistance might not offer more than a little barrier if the current rally grows. A more important resistance zone lies at 37-38 cents. Unless a massive bullish breakout happens, the price might be resistance at the zone and be followed by a fast dip to 20 cents. 

Ripple price prediction: Elliott wave analysis

In the last update made earlier this month, we reckoned a bullish correction could follow from the 28 cents low to prices between 39 cents and 42 cents before the bearish trend continues. The chart below was used in the last update.

The 3-wave correction started as expected. The next rally toward the intraday resistance zone is expected to complete the bullish correction as the new chart below shows.

The simple zigzag correction ending at 37-39 cents and a more complex corrective pattern ending around 42 cents could happen before XRP returns downside. Unless a fast rally happens above the falling trendline into 45-50 cents price zone, the bearish run is not yet over.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.