Ripple surged quickly on Monday to make a 23% recovery from the 21.3 cents low. The following Ripple price prediction is based on the Elliott wave theory
October 01, 2019 | AtoZ Markets – The Altcoins surged on Monday with Ripple, Ethereum, EOS, BCH, BNB and some others leading the way. Bitcoin also had a little surge from the new low since the second half of 2019. However, Bitcoin dominance is still high at 67.8%. Meanwhile, the entire Crypto market capitalization added nearly $15 billion in just over 24 hours. In spite of the big surges across the board, the market is still far from a genuine recovery from the H2 2019 fall. The market has shed about $160 billion since late June.
Ripple analysis: mixed news
Ripple may be drowning but the Crypto firm is still perceived as strong by many. If no other thing but the frequent acquisitions and partnerships which might give XRP the advantage in the nearest future. On the other hand, the firm has been accused of ‘dumping’.
Ripple acquires Algrim
Recently, we reported that Ripple has acquired Algrim, a crypto trading firm based in Iceland. This acquisition will allow Ripple to work with Algrim’s team to contribute to the ongoing development of Ripple’s On-Demand Liquidity (ODL) program meant for production of cross-border payments. Ripple’s partnership on RippleNet has grown to 200. This is a good step toward mass adoption. However, these developments are not yet having positive impacts on XRP price.
Ripple moved $15.3 million XRP tokens
While the partnership deals are encouraging, Ripple now has a worrying history of selling off its shares. This is causing so much concern for XRP investors. Recently, we reported that the company moved XRP coins/tokens that are worth $15.3 million as revealed by WhaleAlert. The firm was also reported to have sold $251.5 million worth of XRP in 2019 Q2. The selling is expected to continue in the last quarter of 2019. Investors have been expressing their worries but Ripple seems to have a gameplan to carry out. It remains to be seen how this will end. Prior to the current bounce, Ripple hit its lowest price since November 2017.
Ripple price prediction: important price levels
Resistance Levels: XRP has recovered slightly above the 23.5-24.5 cents resistance zone. We will see how the bulls follow this up. Other resistance levels are 29 cents, 32 cents, 34 cents and 37 cents
Support Levels: 21 cents, 20 cents and 12 cents. If the current surge gives up. The bearish trend could continue to these support levels.
Ripple price prediction: Elliott wave theory
In the last update, we discovered a triangle pattern below 25 cents. From the larger degree, we expected the current dip to continue below 20 cents down to 12 cents. We also expected a bounce at 20 cents before 12 cents. We used the chart below.
The price eventually broke upside. The new chart below shows wave A (circled) might have ended and the current rally is wave B (circled).
Wave B (circled) could continue to 50-61.8% Fib retracement at 27-28.5 cents. If XRP then drops below the wave A-B channel, there is a big chance that it would hit 12 cents once it breaches the 21.3 cents low. On the other hand, if a massive surge above the larger blue channel happens, we should see XRP at 33 cents and 37 cents.