The Crypto rally that started last two weeks has paused a bit. In the two weeks period of rally, XRP gained about 100%. Technically, one would expect consolidation or even correction at the end of each phase of the rally. Ripple started this week a bit below 90 cent and has remained between 0.9365 (the most recent high) and 0.8088. If the sideways move continues, the next direction of breakout will determine what we will happen next.
In the last update, we looked at the 2-weeks XRPUSD rally as it developed into an impulse wave. Impulse waves are 5-waves/swings that do not overlap. According to Elliott wave theory, a 3-wave bearish correction should be expected before the rally resumes. The chart below was used in the last update.
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.
Shortly after the last update, price dropped from 0.938 to 0.808 losing 13% in the process. Since the market opening this week, price has remained between these two levels – 0.808 and 0.939.
23-25 April Ripple price prediction : what next?
XRPUSD Elliott wave analysis, M30 (click to zoom)
Price will drop further if it stays below 0.9365. A 3-wave bearish correction is still on course. Once 0.8085 is broken downside, further drops could be seen to 0.7 or even below. On the other hand, price could continue sideways to complete another triangle pattern between 0.808 and 0.9365. If the bullish momentum continues and price breaks above 0.9365, a rally above $1 is most likely. Stay tuned for the next update.
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