Ripple still hovering around $0.5 as the Cryptos continue bearish. The following 4 April Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
04 April, AtoZForex - In the past two weeks, Ripple dropped from $0.7 to $0.5 and even slightly below. The next bearish target still remains at $0.2-$0.4. Price went to $0.45 this week making a close contact with this $0.4. The Ripple breakout that happened in December 2017 was from a $0.2-$0.4 price range. Price often tests this region where it broke out from which thereafter serves as resistance/support zone.
It's also noticed that based on Elliott wave theory, Ripple is making a zigzag corrective pattern with a sideway wave B (Flat pattern). The last leg is probably completing with an impulse wave. At the end of such move, a move in the direction of the bigger trend is often seen. But we'll see how this plays out with Cryptos as the bearish move persists.
In the last update, the chart below was used to show the wave analysis of the last leg of the correction.
XRPUSD Elliott wave analysis, H1 (click to zoom)
Ripple Elliott wave analysis looks simple and straightforward at this point. We have set a bearish target – highest being $0.4 and lowest being $0.2. A break below $0.2 is possible but less likely. Price could dip further to $0.4 to complete wave v. A break above $0.72 is the confirmation for a new bullish run. If that happens, we might have gotten a new bottom. If the rally happens, we might see price at $1.2 or more.
The chart below shows what we have and the price levels of action to watch out for.
4 April Ripple price prediction: what next?
XRPUSD Elliott wave analysis, M30
Price still stays below 0.72, wave iv top. The bearish move should continue to 0.4 bearish target and probably 0.2. It is at this zone we will know whether a bullish correction would take place. If price does respond as expected, a strong bullish recovery should follow at the end of the dip. Stay tuned for the next update.
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