Ripple XRP Elliott wave analysis 19 Jun 2018
Ripple bounced off 50 cent after a failed effort to break below it yesterday. What is the implication of this action? What should we expect next? The following 19-20 June Ripple price prediction gives clues based on Elliott wave theory.
Ripple could be on its way to break above 60 cent or drop below 50 cent in the coming days. The Crypto market is still bearish - expected to be the last stage. We had a below 50 cent forecast in the last update. Price was expected to complete a bearish impulse wave seen in the major Crypto currencies - Ripple, Litecoin, Bitcoin and even Ethereum. The chart below was used in the last update.
The dip is expected to continue below 50 cent to 48 cent or 44 cent to complete the last leg of the impulse wave. We should be expecting at least a 3-wave bullish correction especially if price breaks above the falling channel. The Cryptos are still bearish but a bullish correction is around. We will update you as price moves next week.
Price dipped to 0.5 and rallied back toward 0.57 to make a double bottom. It could also mean that the 5th wave dip to 0.5 is short and truncated and price is meant to make a 3-wave bullish correction. The chart below shows this scenario and the other.
The chart above shows two scenarios. The first scenario assumes the current rally is part of wave iv (a regular flat pattern) and price should drop below 0.5 down to 0.44 in the coming days. If price breaks above 0.57 instead, this scenario would be invalid and the second scenario would play out. The second scenario suggests wave v was truncated and has ended to form a double bottom at 0.5. If this is the case, a 3-wave bullish correction should be seen to 0.6-0.65 price zone. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.