Ripple Dips Into Support as Bullish Base Builds

Ripple Elliott Wave Talking Points:

  • Ripple dips in a three wave pattern into minor support suggesting the dip is temporary
  • The Elliott wave pattern for this cryptocurrency implies a bullish breakout may be on the horizon towards .77 and possibly .95
  • An immediate move below .2550 would cause us to reconsider the current wave count

Ripple’s price has fallen nearly 40% in recent days. The price analysis for this cryptocurrency shows the potential for a longer term base forming. Using Elliott wave theory, it appears a bullish pattern may be in the process of carving towards .7500 so long as Ripple remains above .2550.

The current Elliott Wave for Ripple

Ripple Dips Into Support as Bullish Base Builds

New to Elliott wave corrective patterns? On page 5 of our Elliott wave advanced guide, we explain Zigzag’s and where they commonly occur.

The Ripple chart shows a bullish impulse wave formed from September 12 to September 30. We know from our Elliott wave studies that when an impulse wave starts a new trend, then most times we witness a partial correction lower in three waves followed

Article source: https://www.dailyfx.com/forex/technical/elliott_wave/cryptocurrency/2018/11/26/Ripple-bullish-forecast.html