Ripple resumed the downtrend and has now broken below critical support zone. The following technical analysis is based on the Elliott wave theory.
September 24, 2019 | AtoZ Markets – The cryptocurrency market is back in the red zone. All the top 50 coins dropped massively on Tuesday as the market shed over $20 billion in the last 48 hours. Ripple which led the gainers last week after staging a big surge is back in the ‘danger’ zone. XRP shed 25% in less than a week and has now breached the 23-24.5 support zone. Currently, XRP is priced at 21.7 cents.
The last week surge to 32.7 cents was not enough. Ripple and other Altcoins needed Bitcoin to break upside in order to sustain their own rallies. However, BTC remained under the bearish pressure and finally surrendered. Currently, Bitcoin has slumped below the $9,100 support level and looks likely to go much deeper. Ripple and other Altcoins have followed in this manner.
Ripple analysis: important price levels
Resistance Levels: XRP price declined the recovery to 32.7 cent which was the nearest resistance level. Other resistance levels include 34 cents and 37 cents. Meanwhile, XRP has returned downside – far from these levels
Support levels: Price has now broken below the support zone. it will soon hit 20 cents and maybe 12 cents.
Ripple price prediction: Elliott wave analysis
Ripple bearish trend has continued after it shattered the 23-24.5 support zone on Tuesday. In the last update, we had two scenarios. After the dip to 29.5 cents, we discovered the price had completed a corrective pattern at 32.7. The larger bearish trend was therefore expected to continue as the chart below shows.
Alternatively, if the price quickly returned above 32.7 cents, the bullish correction was expected to continue toward 37 cents. Afterwards, the market followed continued southwards. The new chart below shows XRP has broken below the support zone and now heading to 20 cents.
XRP is down to its lowest price in the last 22 months. Unless a massive counter-move rally quickly follows, 20 cents will be hit soon and perhaps 12 cents.