The XRP price held steady on Tuesday and remained about 52% above its lowest level this week. This rebound was because trade tensions between the US, Mexico, and Canada eased. Ripple is also benefiting from the ongoing surge of XRP meme coins, which may help to propel it to $5.
XRP Price Benefiting From Meme Coin Growth
The XRP price rebound happened as the top meme coins in its ecosystem did well. XRP Army jumped by over 31% in the last 24 hours, giving it a market cap to over $41 million. Salute (SLT), another Ripple meme coin, jumped 17%, while PHNIX soared by 42%.
The other top meme coins in the XRP Ledger ecosystem, like BearXRPL, DROP, and Sigma jumped by over 20%. This growth is making the network a major player in the cryptocurrency industry.
The value of Ripple may benefit from the meme coin ecosystem growth and reciprocate Solana’s performance. Solana has become a major Ethereum rival because of its meme coin network.
Some of the top Solana meme coins are the likes of Bonk, Dogwifhat, and Fartcoin. These coins have also helped Solana’s DEX volume pass Ethereum. It had a volume of $44 billion in the last 7 days compared to Ethereum’s $26 billion.
Other tokens in the XRP Ledger ecosystem are doing well. Sologenic has achieved a market cap of $154 million, while Coreum has a valuation of $117 million. Ripple USD (RLUSD) had a 24-hour volume of $302 million, higher than most stablecoins.
XRP Price Technical Analysis
The daily chart reveals that the XRP price has surged in the past few months, moving from a low $0.4968 in 2024 to a high of $3.3890 this year. It crashed on Monday and reached $1.7260 as most altcoins plunged.
Ripple has now formed a hammer candlestick pattern, comprised of a long lower shadow and a small body. It is one of the most popular bullish reversal patterns.
The coin is supported by the 50-day and 100-day moving averages. It has also formed a bullish flag chart pattern, which is shown in black. This is a popular flag pattern.
Ripple Price Targets
XRP’s outlook is bullish, with the next level to watch being at $3.3890, the highest swing this year and the upper side of the bullish flag. A move above that level will point to more gains, potentially to the resistance at $5, which is 90% above the current level.
The bullish Ripple price forecast will become invalid if the coin drops below the lower side of the flag at $1.7260.
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