Ripple Uptrend Is Only A Precursor To A Bigger Upward Moves: Analysts

The recent Ripple uptrend brought XRP to only $0.24 which means that the coin is still down by more than 93 percent of its all-time high above $3.00 but some analysts believe that this uptrend is only a precursor to larger gains in the near future so let’s find out more about this analysis in the ripple news below.

The crypto market has been on a decent uptrend over the past week and gained dozes of a percent but altcoins such as XRP did really well.
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The third-largest cryptocurrency over the past week gained more than 15% according to the data. The analyst CryptoWolf noted recently that according to his other analysis, XRP has finally started to break out strongly out of a falling wedge pattern that has constrained the price action for the past seven months. The cryptocurrency also reached a key horizontal resistance that was of huge importance on a macro basis. Having this in mind, the analyst suggested in his charts that he expects XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the upcoming weeks which suggests a 25% rally approaching.

While XRP is preparing to break even higher, the price action is mainly dependent on that of BTC which means that if the largest cryptocurrency doesn’t rally, none of the altcoins will either. Fortunately for the XRP bulls, the Ripple uptrend technicals and fundamentals show that Bitcoin will soon gain strength. The current Heiken-Ashi candle for this month shows a green Doji pattern that can show a long-term bitcoin price trend turning positive which is an unavoidable macro reversal on the horizon. Some of the other charts show that every time when a Heiken Ashi candle flips from red to green on the monthly basis for BTC, the green candle will have almost always ended in parabolic surges that usually bring BTC thousands of percent gain.

The reports from Glassnode, the popular crypto analytics firm show that the bitcoin network hash rate has just reached a 1-year high of 125 exahashes but there’s not a clear correlation between the hash rate of Bitcoin and the prices despite the fact that the miners continue draining resources into mining crypto assets.