Ripple is rallying close to $1 the first time since March. Is this a turn-around? The following 21-23 April Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
21 April, AtoZMarkets - Since the current rally started two weeks ago, Ripple has been the biggest gainer. In a move that is more than 100% increase from 45 cent to 93 cent, XRPUSD is recovering fast. This week alone, Ripple has gained more that 50% after breaking out of a triangle chart pattern. How far will the move continue? Will there be a drop soon?
Triangle pattern is one of the patterns technical Crypto traders usually watch out for. This pattern has preceded many of the biggest move we have seen in the Cryptos. The popular 0.2-0.4 December triangle pattern which preceded the strongest Ripple rally to almost $4 comes to mind. In the last update, we saw another triangle pattern as part of an impulse wave developing.
In the last update, we discussed the development of an impulse wave after last week rally. Price was in the 4th wave and more importantly, completed a triangle pattern. The direction of forecast was clearly bullish. The chart below was used.
XRPUSD Elliott wave analysis, M30 (click to zoom)
The triangle wave 4 formed between $0.7 and $0.62. Price is gradually breaking upside at the time of typing this analysis. A stronger move to $0.75-$0.8 is much likely in the coming days. At the end of the impulse wave, what next? A 3-wave bearish correction back to $0.6 is likely before the bullish move continues to or above $1.
The move that followed was a bullish breakout that led to 50% gain this week. The 5th wave went far beyond expectation. That's the sort of the move that follows triangle pattern in Cryptos. The following is the new update.
21-23 April Ripple price prediction: what next?
XRPUSD Elliott wave analysis, M30 (click to zoom)
The 5th wave is at the verge of completion. A 3-wave drop could be seen next week to $0.65-0.7 before the next round rally happens. Price is likely to stay below $1 before the drop unless the 5th wave will be extended beyond what is happening. Ripple is surely recovering very fast. Stay tuned for the next update.
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