Ripple price has returned upside this week and hit 45 cents. Will the cryptocurrency break above the 48 cents high?
May 28, 2019 | AtoZ Markets - The cryptocurrency market has resumed the bullish runs that started in December 2018 where the market might have already bottomed. The total market capitalization, according to CoinMarketCap, now stands at $272 billion - about a third of its all-time high. Ripple was slow for much of this period and was the worst performer among the top 7 cryptos. However, after threatening to break below the 28.5 cents, XRP quickly surged to 48 cents early in May and started its own bullish phase.
From a technical view, the bullish run was expected to continue to 80 cents but price quickly followed with a 25% decline to 35 cents. However, much of that has now been recovered after a push to 45 cents on Monday. Once a break above 48 cents high happens, there are little barriers to the 80 cents bullish target.
Ripple price forecast: Elliott wave perspective
From the Elliott wave perspective, the first breakout to 48 cents seen earlier this month signified a possibly impulse wave rally toward 80 cents. That is the minimum required if Ripple would make recovery. Bitcoin, Litecoin, Bitcoin Cash and many of the other major cryptos are already in the advanced stage of this process. Litecoin, Bitcoin and Bitcoin Cash have almost completed the first bullish impulse wave push. Ripple, on the other hand, has been very slow. The dip to 35 cents was expected to complete the 2nd wave as the chart below, used in the last update, shows.
Ripple price didn't go deeper to 33 cents before breaking above the red trendline and above 42 cents (wave b terminus). A bullish impulse wave (iii) should follow with a fast break above 48 cents high as the new chart below shows.
A big surge above 48 cents will confirm this minor bullish trend toward 80 cents or even $1. At the end, a 3-wave correction should follow. These are price patterns/behaviours we will like to see to confirm our expectation of a complete Ripple recovery and a break above the all-time high will happen. Alternatively, the chart below shows that wave (ii) could still take another leg downside before the bullish breakout if a break above 48 cents does not happen.
A deep wave (ii) dip to 32-33 cents could still happen if Ripple will continue its behavior of deep corrections in 2019 so far. However, the bullish bias still exists unless a break below 28.5 cents happens.