Elliott Wave Analysis: Ripple Doesn’t Show Any Bullish Signs, Yet!

Intermediate

Hello everybody!

Ripple is trading sideways for a long time despite bullish turn on many major cryptocurrencies, so we still think that the bottom is not in place yet, especially because of Ripple logarithmic scale chart, which has the same wave structure as it had BTC last year! However, we are observing a big bearish triangle in wave (B) and once it fully completes, this is when it may send the price towards 0.20 – 0.13 support area for a wave (C).

daily-ripple-log-jun-06

Now on the 4h chart, we can see that ripple turned down from projected 0.48 resistance area again after we noticed a three-wave corrective rise in wave C of a big bearish triangle in wave (B). So, Ripple is not bullish yet and sooner or later we may see a break into 2018 lows. However, for now we are tracking a new three-wave a-b-c decline in wave D towards 0.30 area, where bulls may wake up again for the final wave E, just keep in mind that a triangle can be bearish confirmed only below 0.2750 region!

Ripple, 4h

ripple chart

@ewforecast

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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