Ripple XRP, Stellar XLM, and IOTA

Cryptocurrency prices suffered a major reversal as concerns about an ultra-hawkish Fed led to a sell-off in risky assets. Bitcoin price fell from this week’s high of $102,000 to below $97,000, while the cryptocurrency Fear and Greed Index fell into neutral territory at 57. This article provides forecasts for top cryptocurrencies such as Ripple (XRP), Stellar (XLM), and IOTA ( corn).

XRP price forecast

Ripple’s price fell sharply during the overnight session, moving from this week’s high of $2.51 to the low of $2.30. This decline was significant because it occurred after the currency retested the upper side of the downtrend line connecting the highest volatility since December 3.

XRP price has returned to the 23.6% Fibonacci retracement level. The important factor is that it is still forming a bullish pennant chart pattern, which is what we are Covered here.

A bull flag is a popular positive chart pattern consisting of a long vertical line followed by a symmetrical triangle pattern. Therefore, the decline is likely because Ripple wants to retest the lower side of the triangle pattern.

As such, there are chances that the coin will maintain its volatility this week and then witness a strong bullish breakout. If this happens, the initial target to watch would be $2.90, last year’s high, followed by the psychological point at $3.

The price of XRP has many catalysts. Possibilities of an XRP ETF rise on Polymarket, Ripple USD (RLUSD) is gaining market share in the stablecoin industry, and the Securities and Exchange Commission may end its legal war against the company.

XLM price forecast

The price of the XLM token fell sharply during the overnight session, hitting a low of $0.4210, its lowest level since January 1. This pullback occurred after the token formed a shooting star pattern on January 4. This pattern consists of a small body and a long upper shadow, a common bearish reversal signal.

The star price moved below the 38.2% Fibonacci retracement level at $0.4275. On the positive side, this price action occurred after the coin formed a strong bullish breakout as the black falling wedge pattern approached the confluence level.

Another positive thing is that it remains above the Supertrend indicator and the 50-day moving average. Therefore, the currency may experience fluctuations for a period of time and then resume the upward trend. It may eventually jump and retest last year’s high at $0.6362.

Basically, the price of XLM will mostly track the performance of Ripple because the two have a common asset. This is important because the Stellar network faces the main challenge of low usage, as its DeFi ecosystem is much lower than other newer networks like Base and Sui.

Iota price analysis

The IOTA token has been very volatile in the past few weeks as investors focus on the future Rework the upgrade. Rebased is a key part of the network which will offer important features like staking and a significant transaction per second boost.

The daily chart shows that the IOTA token bottomed at $0.2783, forming a double bottom chart pattern. It recently moved above the neckline at $0.3512, reaching a high of $0.40.

IOTA price remained above the 50-day moving average. It also forms a cup and handle chart pattern. Therefore, the coin is likely to witness an upward breakout in the next few days. The initial target is $0.42, which is the upside of a cup and handle pattern.