Ripple still remains in the corrective phase after a strong bullish move to 97 cent. Price was, at the beginning if the week, trading at 91 cent before it faltered to 78 cent. Since yesterday, price has rallied back to 85 cent. Will the rally continue or price drop further? A strong break above 91 cent could see price above 97 cent high and the $1 mark. Otherwise, price would drop to 70 cent or move sideways in the coming days. Those are the three possible scenarios.
In the previous updates, the current price dip was expected and prepared for. Such move usually follows the completion of a motive wave, according to Elliott wave theory. The chart below was used in the last update.
The chart above shows wave (b) might have completed at 0.8630 if price returns below 0.8085 and break below 0.76 low. If this happens, the next target is 0.65-0.7 price zone. However, if price breaks above 0.863 slightly, the wave count is still valid. A break above 0.9365 would mean that the bullish run has resumed otherwise, a dip below 0.7 is much likely to complete a 3-wave bearish correction.
Wave (b) took a new high at 0.9136 before dropping slightly below 0.8085. Price has slightly resumed upside but the bearish view is still intact. Price will have to break above wave (b) high to resume the bullish commitment. The chart below shows what we have now.
2-4 May Ripple price prediction: what next?
The bearish correction is expected to continue to 0.6670 – the base of the channel. If current price action breaks above the channel and 0.9136, price should rally above $1. The bearish correction is more likely in as much as price stays within the channel. Stay tuned for the next update.
Read more at: A to Z Forex