Ripple continues downside below 60 cents. price is about digging for a lower bottom than 55 cents early February. The following 27-28 March Ripple price prediction looks at XRPUSD forecast based on Elliott wave theory.
When Ripple bottomed in early February at 55 cents, we had a deeper bearish price target in mind – set at $0.2-$0.4. Ripple was the biggest gainer last year, it’s been the biggest hit by the bearish forces (among the majors) this year. Compared to BTC (lost 70%), ETH (lost 67%), LTC (lost 75%), Ripple (XRP) has lost more than 82% since it peaked in January. Ripple is expected to drop even further to $0.2-$0.4 zone as the bearish Crypto regime continues into the second quarter of the year.
In the last update, I used Elliott wave theory to check the extent of the dip and how far it could go. A zigzag correction was seen developing since the peak in January. Price is in the last stages of the pattern – wave v of C. The pattern could extend to the bearish target zone (0.2-0.4). Let’s recap the last update where the chart below was used.
XRPUSD Elliott wave analysis, M30 (click to zoom)
Price seems to have completed wave i-iii. Not certain yet if wave iv is complete. Price is likely to rally to $0.7-0.8 before dropping further to $0.4. Unless price breaks above wave i low ($0.85), the bearish bias is still strong.
Currently, price has shown the completion of wave iv. There was no rally to $0.8 as price drops gradually. The chart below shows what we have now.
27-28 March Ripple price prediction: what next?
XRPUSD Elliott wave analysis, H2 (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. Stay tuned for the next update.
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