Ripple XRP Elliott wave analysis 12 Jun 2018
Ripple is set to drop further as the Crypto bearish move continues. The following 12 June Ripple price prediction looks at the technical forecast of XRPUSD based on Elliott wave theory.
Ripple is currently trading below 60 cent after price ran riot again. It had earlier tried to push above 70 cent but the bearish pressure persisted. From a technical point of view, the Cryptos are probably in the last phase of the bearish move. The Crypto market has lost more than 62% of its all-time gain. The last stage of the decline could increase this further.
In an update we had on 4th June, we had two scenarios. The bearish scenario expected price to break below 0.6285 and drop further to 0.55. This scenario is playing out perfectly. In the last update, we had the chart below.
If price breaks below 0.6285 significantly, further drop is expected. Alternatively, price could lead to a more complex correction upside, especially if it bounces off the channel base as shown above (we could then count a double zigzag). With the alternative scenario in mind, I still expect price to break below the channel and fall below 0.55 low.
Price has now broken below the channel line. When this happens, an impulse wave is often suspected. The 3rd wave of an impulse wave always break below (in a bearish run) the support line of the channel connecting the top of wave 1 and 2 from the low of wave 1. The chart below is the new update.
The 30Min XRPUSD chart above identifies an impulse wave after price broke below the channel. Price is expected to continue downside to 0.48-0.5 around which we might see a bullish correction. Price would only be considered to return to the bullish mood if it breaks above 0.6 powerfully from the current level. Stay tuned for the next update.
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