XRP To Experience a Larger Uptrend
In the previous week, considerable gains in the entire cryptocurrency market got witnessed. Altcoins such as XRP experienced an outstanding performance. XRP prices surged by more than 15%, based on the data provided by Coin360.
The 15% gain led the price to only $0.24, meaning that the price remains on the downside by over 93% compared to its highest price ever, around $ 3.00. Nevertheless, analysts think that the recent move to the upside stands as a basis for a larger uptrend.
Analysts View of the XRP Rally
Recently, CryptoWolf referred to his earlier analysis, concluding that XRP has eventually begun a decisive break out of a declining wedge pattern that limited its price action within the previous seven months. XRP surged over a significant horizontal barrier that is critical on a macro basis.
As per his chart, he looks forward to XRP targeting the 0.382 Fibonacci Retracement of the entire declining wedge ahead, suggesting a 25% uptrend. Nonetheless, even with what the chart says, its price action depends majorly on that of Bitcoin. Meaning, XRP will not rally if BTC does not surge to the upside. Fortunately, both Bitcoin technicals and fundamentals point to momentum.
According to another analysis, the Heiken.Ashi candle this month is showing a green Doji pattern, which would point to a positive long-term Bitcoin price trend. There are claims that such a candle status had almost always led to a parabolic uptrend that took Bitcoin thousands of percent higher than where it started.
Recently, Glassnode reported on Twitter saying the Bitcoin’s network’s mean hash rate (for each one-day rolling moving average) attained a 1-year high of 125 exahashes. Nevertheless, there is no instant correlation between the hash rate and the prices of Bitcoin. Still, as miners keep on siphoning resources into mining cryptocurrency assets, it is suitable for the virtual currency domain’s long-term trend.
by Olowoporoku Adeniyi
by Olowoporoku Adeniyi
by Kyle Akihiko