Can XRP Price Hit $5 As Ripple Meme Coins Surge?

XRP price resumed its uptrend and soared to its highest level in four weeks. This rebound is mostly because of the ongoing crypto rebound, upcoming Donald Trump inauguration, and the growth of Ripple’s meme coin ecosystem. So, can the Ripple coin jump to $5 as the XRP Ledger meme coin ecosystem grows?

XRP Price Could Jump As The XRP Ledger Meme Coins Rise

XRP price has one more catalyst that could supercharge its performance: meme coins. According to CoinGecko, meme coins in the XRP Ledger ecosystem are doing well as they aim to bridge the gap with those in Solana and Ethereum. 

The XRP Army price has soared by 140% in the last seven days, pushing its market cap to over $81 million. Other fast-growing meme coins on the XRP Ledger are PHNIX, whose valuation has soared to $44 million, Pongo, Britto, and Vagabond. 

This growth is also being seen in the total value locked in the XRP Ledger network where the total value locked has jumped to $68 million. Most of this TVL is from the XRPL DEX, a platform with increased daily volume.

Ripple Labs hopes to supercharge the XRP Ledger ecosystem by attracting developers across all industries in the crypto industry. By doing that, it aims to become as successful as Solana, which has become the most popular players in the meme coin industry. 

Meanwhile, Ripple’s RLUSD stablecoin has grown recently, with its market cap rising to $72 million and its daily volume jumping to $172 million, much higher than PayPal’s PYUSD’s $22 million. 

Ripple Is Forming a Bullish Pennant Pattern

There is a rising possibility that the XRP price will have a strong bullish breakout that could push it to $5 in the first quarter. That’s because the coin is slowly forming a bullish pennant chart pattern on the daily chart. 

A bullish pennant is a good continuation sign made up of a long flag pole and a symmetrical triangle pattern. Now, this triangle is nearing its confluence point, which could lead to more gains in the next few weeks.

Some key fundamentals like the upcoming Donald Trump inauguration, ecosystem growth, and a potential Ripple ETF will trigger this rebound. 

A strong bullish breakout could push it above its 2024 high of $2.9150, followed by the next key milestone of $5. On the flip side, a drop below the lower side of the triangle at $1.90 will invalidate the bullish view.

✓ Share:

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.