The XRP price rally has stalled this week, derailing its recent rally to $5, as analysts expected. This retreat has mirrored the performance of other altcoins, with popular meme coins like TRUMP and Fartcoin plunging by double digits. So, can the Ripple price bounce back and hit the key resistance at $5?
Why Fartcoin, TRUMP, and XRP Prices Crashed
Fartcoin, TRUMP, and XRP prices have retreated this week for three possible reasons. First, they dropped after Donald Trump failed to mention cryptocurrencies in his inaugural address on Monday. He has also not signed an executive order on the industry as many analysts predicted.
Second, all these coins jumped ahead of the inauguration. As a result, they have now crashed as investors sell the fact. This is common in crypto and other industries where people buy assets ahead of a major event and then sell when it happens.
Third, they have dropped ahead of the Bank of Japan (BoJ) and Federal Reserve interest rate decisions. With the BoJ expected to hike rates on Friday, there are concerns that it may trigger another unwinding of the yen carry trade.
Crypto Analyst is Bullish On The XRP Price
One crypto analyst is still extremely bullish on the value of Ripple. In an X post, Ali Martinez predicted that the coin will eventually jump to $15. He cited a symmetrical triangle pattern that has formed since 2018.
By measuring its lower side, and extrapolating the same distance from the triangle’s upper side, he expects the coin to soar to $15, a 355% jump from the current level.
XRP’s potential upside has numerous catalysts, including a potential Ripple ETF approval, XRP futures launch by CME, RLUSD adoption, and the growing Ripple meme coin ecosystem.
Ripple Chart Pattern Points To More Gains
Meanwhile, the weekly chart shows that the XRP price has more upside to go in this crypto bull run. The coin formed a golden cross pattern in October as the 50-week and 200-week moving averages flipped each other.
It formed a bullish pennant pattern with a flag pole about 500% tall. Therefore, measuring the same distance from the upper side of the pole points to more gains, potentially to $15. This means that the coin will cross the resistance at $5 soon.
On the flip side, a drop below the lower side of the pennant at $1.93 will invalidate the bullish Ripple price forecast.
Frequently Asked Questions (FAQs)
Yes, XRP is on a path to $5 because of its strong fundamentals and technicals. It has already formed a bullish pennant pattern and has higher odds of an ETF approval later this year.
The XRP price can surge to a high of $15 in the long term. This is the view shown by the triangle pattern and the bullish pennant pattern.
XRP has become one of the best investments in the crypto industry and has chances of doing well in the long term.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-prediction-will-ripple-hit-5-as-trump-fartcoin-crash/
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