From 17th September when the price of Ripple was $0.266 till today, the cryptocurrency has increased in evaluation by 37.5% and is currently trading at around $0.364.
Looking at the hourly chart we can see that the majority of the increase happened in a short time period as two large green hourly candles show us.
On the daily chart, we can see that the price found support on the $0.27 horizontal support level with a double bottom. As the price action interacted the second time with the level and didn’t go below it that served as a strong signal to traders and investors that the support was found which triggered buying and propelled the price upward.
Zooming into the 4-hour chart we can see that the price has broken the downtrends resistance line which was well respected since mid-May and is currently stopped out at the minor range resistance.
As you can see the five wave correction has ended and the price action has formed a range from $0.27 to $0.373. At the moment we do not have enough data to conclude the direction of a breakout from the range, but zooming into the hourly chart we may get some clues.
Because this range is occurring after a downward correction it is likely a corrective move in the opposite direction.
Looking at the wave structure I believe this is a WXY as the last upward move looks impulsive as the 5th wave ended on the range resistance line now, the downside is expected after this exponential increase in price.
Following the rules of Elliott Wave Principle after an impulse, a correction occurs and in this case, a three wave Zigzag is a likely scenario and as you can see from the 30 min chart below I have projected some of the levels on which I think the price will complete the corrective waves.
My projected target would be around $0.328 but what will happen after we would just have to wait and see. This range correction might get extended by two more waves bouncing inside it two more times before we see a breakout, but if this was a WXY in the opposite direction we can see the start of another downward movement that will push the price lower then $0.27
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