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A recent X post highlights an important observation in Bitcoin’s mining landscape, mainly the Hash Ribbon indicator that shows an 8% increase in miner activity since the last difficulty drop. While the chart suggests a recovery from miner capitulation, it hasn’t yet reached the >15% threshold typically associated with a strong bullish trend confirmation for Bitcoin (BTC). The Hash Ribbon chart shows historical patterns where miner capitulation (red bars) often precedes price bottoms, with a recent 5-month recovery period implying Bitcoin’s price may be stabilizing around its current price at approximately $103k. This year, there have been several Bitcoin mining-related happenings. For instance, in February, Bitcoin’s mining difficulty reached an all-time high of 114.7 trillion, following a 5.6% upward adjustment. This increase reflects a surge in the network’s hash rate, demonstrating a heightened competition among miners. Then, a month later, the Hash Ribbon indicator flashed its first buy signal in eight months, suggesting the end of the miner capitulation phase. Generally speaking, such signals have preceded big price rallies in Bitcoin. Interestingly enough, this did occur, with Bitcoin around $80k during that time, and even dropping below $76k at one point. Granted, a lot of factors can be attributed to this, but it’s worth noting nevertheless. Finally, a few weeks ago in April, it was reported that Bitcoin’s mining difficulty was poised for its steepest downward adjustment since December 2022, with estimates pointing to a decline of around 6%. The Hash Ribbon is a technical analysis tool that monitors Bitcoin’s mining activity by comparing the 30-day and 60-day moving averages (MAs) of the network’s hash rate. When the 30-day MA crosses below the 60-day MA, it signals miner capitulation, which is a period where mining becomes unprofitable and leads miners to shut down operations. On the other hand, when the 30-day MA crosses above the 60-day MA, it indicates miner recovery and is often interpreted as a bullish signal for Bitcoin’s price. The current data hints at the possibility that Bitcoin’s mining ecosystem is in a recovery phase following a period of capitulation. The 8% increase in miner activity is a good sign, but a more notable uptick will likely be needed to confirm a strong bullish trend. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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XRP is showing strong bullish signals as it decisively breaks out of a falling wedge pattern on the 3-day chart against USDT. This bullish pattern is characterized by converging trendlines where the XRP price was making lower highs and lower lows. Such a breakout typically indicates a potential reversal of the prior downtrend and has captured significant market attention. According to CoinMarketCap data , the trading volume of the XRP token soared 135% to $10.72 billion as prices shot up 5.63% in the past 24 hours with the altcoin hitting a daily high of $2.64. At the time of writing, XRP trades at $2.55. The recent surge in buying pressure, marked by a significant green candlestick on the charts, confirms the breakout from the falling wedge. The falling wedge was first identified and reported by Captain Faibik, a prominent crypto analyst, via social media platform X. A common method to estimate the upside potential after a falling wedge breakout is to measure the height of the wedge’s base and project it upwards from the breakout point. Applying this technical approach to the XRP chart suggests a price target in the $3.5 – $5 range. Related: What Will Drive XRP Price to $3.29? Accumulation Strong, Say Analysts The 3-day timeframe for this pattern adds weight to this development. It suggests that the falling wedge formed over a considerable period. This implies that if the breakout sustains, the resulting upward movement for XRP price could be substantial. As per the daily chart below, the XRP price is above the 0.618 Fib level at $2.36, often regarded as the “golden pocket,” indicating sustained bullish momentum. The next resistance lies near the previous high around $2.85, with stronger resistance at the $3.26 region—the top of the current Fib range. Notably, the RSI is at 67.82, closing in on overbought territory but not yet signaling exhaustion. This implies there could still be upside potential before a major correction is due. Related: XRP (XRP) Price Prediction for May 14 On the other hand, the MACD shows a bullish crossover, with the blue MACD line trending above the signal line and growing histogram bars. This reinforces the current momentum behind the breakout. These XRP technical analysis: Fibonacci golden pocket, RSI, MACD all point to upside indicators are key. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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