21 Jun 2018
The Crypto market has been quiet so far this week. Ripple for example, trades between $0.5 and $0.56. The following 21 June Ripple Ripple price prediction looks at XRPUSD based on Elliott wave theory.
Ripple has been sideways this week. It might complete a familiar sideway pattern - the triangle pattern. Triangles are often seen in the 4th wave of an impulse wave or the b-wave of a Zigzag. The bearish impulse wave that is suppose to complete a long term bearish correction is struggling to complete the 4th wave. Often times, 4th wave develop into triangles especially when the 2nd wave is a sharp deep zigzag pattern. The 2nd wave correction in this case was sharp and deep into the start price of the 1st wave. In the last update, we looked at two possible scenarios. With the lack of good market momentum, something different might play out instead. The chart below was used in the last update.
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.
Ripple remains between 0.5 and 0.57 with a swing going toward the support line. Triangles show five sub-waves. We might see this sideways move continue till the end of this week. A break below the b-d line afterwards would mean price going down to 0.44. Can there be a break upside? It's possible but the resulting rally might not last long before price starts falling again. It looks like the bears are not done yet. Stay tuned for the next update.
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