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Ripple Bulls Finally Ready to Conquer $1 Again?

The cryptocurrency crash of the first three months of 2018 did not spare anyone. Most virtual currencies lost between 60% and 80% of their market capitalization and Ripple, which was briefly the second largest after Bitcoin, plunged as well. Between January 4th and April 1st, XRPUSD fell from its all-time high of $3.3170 to as low as $0.4535, losing as much as 86% of its value.

And just when crypto investors were ready to throw in the towel the price of Ripple made a U-turn and after a recovery to $0.9649 by April 24th, is currently hovering around the $0.6860 mark. Should traders expect this rally to continue? Are the bulls still strong enough to lift the pair above the $1 mark again? The Elliott Wave analysis below looks encouraging.
ripple elliott wave analysis chart
The hourly chart of Ripple against the U.S. dollar shows that the wave structure of the surge between $0.4535 and $0.9649 is impulsive. It can easily be labeled as 1-2-3-4-5. In addition, wave 3 is extended, which allows us to label its sub-waves, as well. Wave (iv) of 3 is a triangle, while wave 5 is an ending diagonal. If that is correct, the following pullback to $0.6521 so far is a natural three-wave correction in the form of a simple A-B-C zigzag.

It looks like the hourly chart of Ripple depicts a textbook 5-3 wave cycle to the north. According to the theory, the trend should soon be expected to resume in the direction of the five-wave pattern, which means XRPUSD is finally ready to conquer $1 again. Even if the bears manage to drag the price below the last swing low of $0.6521, this bullish count will remain valid as long as the starting point of the impulsive sequence at $0.4535 holds. At least in the short-term, there is still hope for Ripple bulls.

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