Ripple XRP Ripple price prediction 22 Jun 2018
Ripple has dropped back to 50 cent today in a bearish market. What is the next target? The following 22 June Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
Ripple's price is going down again just like other major Crypto currencies. The rally of the last eight days has been confirmed to be a mere correction preceding lower prices. The last low this month was 50 cent. Price is now breaking below it for a new low to cap a bearish June. The last rally happened in April. We might have to wait till July or end of this month before the next big rally. The long term correction is in the final stages. The activities of the market this month can be well read on the chart. A bearish impulse wave is completing on all the major currencies. In fact, all of them have now completed the 4th wave of this impulse wave pattern. The current dip we are seeing is the 5th wave. It means once this impulse wave is complete, we should see a big rally. In the last update, we used the chart below for Ripple.
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.
Price didn't complete the last leg of the triangle before a wild breakout. That means our update on 19th June should now hold better. The 4th wave as a flat pattern. Triangles and Flats are shallow patterns and we normally see them completing the 4th wave of an impulse wave especially after a deep zigzag wave 2 of the same impulse wave. The chart below shows the new update.
Price is breaking below $0.5. The next target is $0.44 and $0.42 as the impulse wave complete the last leg. In the coming updates, we shall look at how far price has progressed. We shall also identify any reversal pattern and discuss about how price should behave for a large bullish move. We should most likely have a early parts of next month bullish. Stay 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.