XRP to Rally to $0.30, Says Analyst
There have been huge gains in the entire cryptocurrency market within the previous week. Altcoins, such as XRP, enjoyed an outstanding performance. Its performance was such that its prices surged by more than 15 percent, based on the data provided by Coin360.
The 15 percent gain led the price to only $0.24, meaning that the price remains on the downside by over 93 percent when compared with its highest price ever over $3.00. However, according to analysts, this recent move to the upside stands as a basis for a larger uptrend.
In recent times, 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 was able to surge over a major horizontal barrier that has been critical on a macro basis.
Based on the below chart, he looks forward to XRP targeting the 0.382 Fibonacci Retracement of the entire declining wedge ahead, suggesting a 25 percent uptrend.
XRP breaking out. 🚀 pic.twitter.com/QIs4z3uWZ4
— CryptoWolf (@IamCryptoWolf) January 18, 2020
However, even with what the chart is saying, its price action depends majorly on that of BTC. That is, XRP will not rally if BTC does not surge to the upside. Fortunately, both BTC 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. It was stated that such status for the candle had almost always led to a parabolic uptrend that took BTC thousands of percent higher than where it started.
As reported by Glassnode recently on Twitter, the Bitcoin network’s mean hash rate (for each one-day rolling moving average) has attained a 1-year high of 125 exahashes.
📈 $BTC Mean Hash Rate (1d MA) just reached 1-year high of 125,058,646,627,207,626,752.000
(Previous 1-year high of 122,916,246,977,853,194,240.000 was observed on 05 January 2020)
— glassnode alerts (@glassnodealerts) January 17, 2020
However, there is no instant correlation between the hash rate and prices of Bitcoin, but as miners keep siphoning resources into mining cryptocurrency assets, it is good for the long-term trend of the cryptocurrency domain.
Featured image courtesy of Shutterstock. Source: Cryptopress.