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 Price Forecast
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.
XRP Price Chart
On the flip side, a drop below the lower side of the pennant at $1.93 will invalidate the bullish Ripple price forecast.
The post XRP Price Prediction: Will Ripple Hit $5 as TRUMP & FARTCOIN Crash? appeared first on CoinGape.
