Ripple XRP 1 Jun 2018
In the last week of last month, XRP dipped to 55 cent to cap a truly bearish month. What should we be expecting in June? The following 1-4 June Ripple price prediction gives useful clues.
Ripple is currently trading at 61 cent, taking about 15% rally away from the lowest price in May. In March, price dropped to 45 cent - the lowest price this year so far. In April there was a big gain - about 110% rally to 50-51 cent and buyers were looking up to the $1 mark. But last month, most of the April gain evaporated as price headed close to the 45 cent March low. In June, price started around 60 cent awaiting where the next big move will happen. Will June be bullish or bearish?
In the last update, we expected price to fall to the channel base of 56 cent. The base was expected to act as a support level. If price bounced off it, we expected a new rally. The chart below was used.
The chart above shows a corrective triple zigzag pattern within a channel line. Triple zigzags are similar to impulse waves in the number of build-up waves - both have 5 waves. If this wave count is correct, price should rally further after a dip back to the channel line base (which could act as a support price level. If price moves as expected, we could see it hitting $1.5 in the coming weeks. Conversely, a drop below the channel base (0.56) could see it drop beyond 0.45 in the coming days
Price dropped to 55/56 cent and rallied a bit to 60 cent. Is this new rally genuine? Will price push upward in June or a new low will be seen? The chart below shows what we expect next based on our Ripple Elliott wave forecast.
Price has competed what could be the corrective stage with a wedge/diagonal mouth. A strong move upside is expected. If a strong move is not seen, then we might see a corrective move instead and that could lead to more price lows. A rally to 70 cent is very likely in the coming days. In the next update, we will analyze the rally and see if it's impulsive or corrective. Stay tuned.
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