Ripple XRP Elliott wave analysis 14 Jun 2018
Ripple has made a slight recovery to 55 cent after an force below 50 cent went unsuccessful. Is the bearish dip over? The following 14-15 June Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
The Cryptos made a very slight move upside today but might just be another corrective rally within a very strong bearish move. The bearish move is closing up to completing the last leg. Another round of bullish moves might be just around the corner maybe not just time yet. In the last update on XRPUSD, we saw the confirmation of an impulse wave when price broke below an holding channel easily. The dip should continue to 0.5-0.48 (a region where we would be expecting bullish signals). The chart below was used in the last update on Ripple/Dollar.
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.
Price dropped to 0.5 as expected to complete wave iii. If this wave count will be made correct by price, the recent little rallies we have today might be wave iv correction before price drops further to complete the bearish impulse wave. The chart below shows the new update supporting this line of thought.
The chart above shows the current rally could be the 4th wave correction. Price should resume downside to 0.48 where we would be looking for bullish signals for price to start a 3-wave bullish correction or a full blown bullish impulse move above 0.7. In the current situation, I will only believe the bullish move has started if price goes above 0.6 otherwise, price should be seeing 0.48 soon. Stay tuned for the next update.
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