Ripple goes rangebound around 40 cents to continue the bearish correction from 48 cents.
June 06, 2019 | AtoZ Markets - XRP/USD ended bearish on Monday and Tuesday to see off an 18% dip from 47/48 cents top. In the last days of May, the price failed in its attempt to break above the 48 cents top to make a new 2019 high. Price hit 40 cents on Monday instead and stayed around it throughout Tuesday and Wednesday. The third largest cryptocurrency has stayed rangebound and remained unchanged on Thursday with an average daily trade volume of $1.7 billion. Ripple's current market capitalization is just a little below $17 billion after it lost almost $3 billion in the last one week.
From a technical perspective, a break above the 48 cents high is needed to push higher. Below these levels ate 40 cents, 35-36 cents, 33 cents and 28.5 cents support levels. Only a bridge below 28.5 cents would turn the cryptocurrency bearish after all the 2019 profits must have vanished. Currently, at 40 cents, further dips could happen to test the 35-36 cents support after price failed to go lower on May 23. A test of 33 cents could also happen but the ideal bullish reversal zone remains the 35-36 cents price levels. A new wave of bullish surges could happen to continue the bullish run from 28.5 cents.
Ripple price Elliott wave analysis
XRP price bullish progression is lagging behind other major cryptos. Most of the top cryptos have already completed the 3rd wave of impulse wave rallies from the December 2018 lows. Ripple has not done much in this regard. If an impulse wave would emerge eventually, the 1st wave might just have ended at 48 cents and the current dip the 2nd wave as the chart below used in the last update shows.
Wave (ii) is taking far much time than wave (i). We expected a break below 40 cents as the wave c of (ii) progressed. The chart below which shows the current price activities suggest the current dip will continue to 35 cents to complete wave (ii).
Wave (iii) surge is expected toward 80 cents - $1. It remains to be seen if XRP will bounce off the 35-36 cents support zone. A bridge above 40 cents after the bounce should be the minimum confirmation of the start of wave (iii).