Ripple XRP Cryptocurrency Elliott wave analysis 4 Jun 2018
Ripple gained 10 cents in the weekend even up to the market opening today, much of which has been lost today. What should be expected next? the following 4-5 June Ripple price prediction looks at XRPUSD technical forecast based on Elliott wave theory.
Today has been bearish for the Crypto market so far. Ripple has lost more than 6 cents. It had, in the weekend, rallied swiftly - hitting the 70 cent target we discussed in the last update. Will the current bearish move continue or price would rally again soon?
In the last update, we discussed the high probability of Ripple rallying to 70 cents. Price completed a corrective pattern. At the base of the pattern was a wedge/diagonal pattern. Wedge/diagonal or simply ending diagonals are known to be followed by fast counter moves. That was what happened exactly on Saturday/Sunday. Last Friday, the chart below was used in the last update.
Price has competed what could be the corrective stage with a wedge/diagonal mouth. A strong move upside is expected. If a strong move is not seen, then we might see a corrective move instead and that could lead to more price lows. A rally to 70 cent is very likely in the coming days. In the next update, we will analyze the rally and see if it's impulsive or corrective.
Price did exactly as expected - rallied to 0.70. In the new update, we will look at an alternative scenario and wave analysis of the rally from Friday. If price would validate the last update, XRP should recover and break above the channel toward $1. The chart below shows the two scenarios.
There are two scenarios in the chart above - an impending impulse wave (in black) or a complete zigzag pattern( in red). If price holds above 0.6285 and goes further upside, we may see it at 0.75. This scenario will support the forecast in the last update. However, it will be invalid below 0.6285. Price is already very close to 0.6285 and will much likely break below it as the dip from 0.7 top does not look corrective. If this should happen, the second scenario should play out better. It will be confirmed once price breaks below 0.6285 ( to invalidate the 1st scenario) and might lead to further price drops below 0.55. Stay tuned for the next update.
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