Last week’s losses disoriented the crypto market. It shows the high rate of correlation between BTC and Altcoins. Already, Bitcoin is the most dominant with over 53 percent of the crypto market share, revealing how influential it is, especially for altcoins—including Ripple (XRP).
Ripple Price to Reach $10 by June 2021
But before then, crypto-assets—including XRP, were decimated last week, but that didn’t mean there is no recourse and recovery in the medium term.
According to one trader on Trading View, Shido641, the Ripple price could rebound strongly, reaching $13 by mid-June 2021.
His prognosis relies on the Elliott Wave Theory (EWT) indicator passed on the weekly chart. Proponents and analysts who use this indicator hold that crypto assets move in pulses—waves, often moving in six stages.
From this theory, the contraction of XRP/USD prices—from a top-down approach, offers an opportunity for aggressive traders to load dips. Their immediate target would be $13 in the next two months.
Shido641 explains that he has tried out EWT before, and the outcomes were correct. Extending on the same on an “unbiased” mindset, he projects the XRP/USD to “go much higher” for the fourth most valuable digital asset.
XRP/USD Has Found Strong Support at $1
If indeed XRP/USD will go parabolic and reach $13—or even $589—as the XRP army says, bulls must first find a brick-like support zone to launch their rockets.
This is according to yet another Trading View XRP bull, MMBTtrader.
In his assessment, the XRP is on course of rebounding from spot levels of around $1 and breaking above a classic descending channel in a buy trend continuation pattern and confirmation of early Apr 2021 bulls. The XRP/USD price is stable at around $1 after falling from $1.96 following sharp losses of Apr 18.
However, in this psychological level and the significance of $1, the trader expects XRP prices to appreciate, mainly if XRP bulls thrust prices above the descending channel’s resistance.
Other traders agree with his forecast, saying the breakout above this resistance level in a buy trend continuation and rebound from $1 could be the launching pad that would see XRP/USD prices lift off to $5 and $17.
The Ripple chart is the Most Beautiful Ever; XRP/USD Prices Have Bottomed and Ready for $10
Often, traders timing to catch the bottom can find themselves holding mud—especially if they rush in only to be daggered by bears.
If pessimists maintain that buying XRP/USD right now is like catching a falling knife, they are wrong. This is according to GOAT1375, who confidently proclaimed that XRP prices have bottomed, and the uptrend to $10 awaits bulls.
He mentions sharp losses of the last week where XRP prices shrunk more than 40 percent, collapsing from $1.96 to as low as $0.92.
The correction provides an opportunity to double down on XRP. It is because bears have forced prices lower, subsequently back-testing the main support trend line in the daily chart and the primary support zone at $0.90.
There are many similarities between the current price action and that of 2017. During that time, prices rose to record levels before plunging and accumulating for an extended period.
This time around, the XRP/USD correction is accelerated. The subsequent trend continuation pattern—of Q1 2021 could see XRP prices soar to $8 and $10.
As the XRP/USD price chart higher, the immediate resistance levels would be $1.2 and $1.5.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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