07 January, AtoZ Markets - It's no more news that Ripple overtook Ethereum as the largest Altcoin. Coming close to half of Bitcoin's market cap, there is indeed wild buying and pumping of this coin. Less than a month ago, price was hovering between 50 cents and 70 cents. It's now $3.3 coming down after coming down from close to $4. What a huge move! It seems the surge is not over yet. Price could still surge higher above $4 before the next corrective dip follows.
In the last update, we used the chart below and discussed about how price is perfectly formed within a rising channel after a solid breakout. In the channel below, there were two dips that preceded wild rallies. The update pointed the need to get ready for the next dip as this could be followed by similar rally as the first two.
XRPUSD Elliott wave analysis, H2 (click to zoom)
Price broke upward from 0.2-0.3 in just about two weeks ago and has not looked back since then. A well held upward channel shows the bullish strength. Price could contain within this channel. It seems after the current dip, price will advance further. The next rally could see a bridge above $4.
The chart below shows the dip happened exactly as expected.
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8-12 January Ripple price prediction: what next?
XRPUSD Elliott wave analysis, H2 (click to zoom)
If price stays above the channel, we should see a resurgence upside after the dip. Another all time high is in the cards for Ripple this week if there is enough momentum. It seems this will be the last rally within this channel before a much deeper dip. This forecast will be invalid if price breaks below the channel. Anything is possible but my money is on the bullish resurgence toward/above $4.
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