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.
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?
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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