XRP and DOGE poised for significant upswings: analyst
Ripple’s XRP looks to be breaking from a descending channel, suggesting further upside momentum.
Dogecoin price is poised amid a notable surge in DOGE transactions.
Both coins traded lower this week as markets reacted to Binance news.
The Ripple token, the fifth-largest by market cap with over $33 billion, was trading near $0.61 at the time of writing. Meanwhile, Dogecoin (DOGE) has surged to highs of $0.075 and could break higher as on-chain activity swells.
Both XRP and DOGE saw a negative flip this week as cryptocurrencies dumped after news that former Binance CEO Changpeng Zhao was stepping down.
Analyst shares XRP and DOGE price outlook
While XRP failed to break the psychological barrier at $1 in July, crypto analyst Ali says a breakout from a descending parallel channel could see XRP/USD push to the $0.65 – $0.66 region.
#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
Recent lawsuits by the SEC have listed several altcoins as securities – but not XRP has not been. In as much as there’s a likely battle over a settlement with the SEC in April next year, the previous wins against the regulator has the community buzzing on what next when the case that started in December 2020 finally recedes into the rear mirror.
As for DOGE, the analyst looks at a spike in large transactions amid institutional interest as pointers to a potential price spike.
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.
This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
The intraday gains stand at 3.5%, while the 24-hour trading volume is currently over $1.1 billion. It’s the fourth biggest volume in the period among non-stables, with Bitcoin, Ethereum and Solana – which has been flying in the market – ranking higher.
Dogecoin has seen a 24-hour trading volume of nearly $452 million. While the top meme coin lags some tokens in the $16 billion dog-meme market, its gains over the past month have cut yearly losses to just 5.5%.
Positive moves in the market could see DOGE/USD break above $0.1 going into next year. However, DOGE bulls have a steep hill to climb if they are to reclaim the all-time high of $0.73 reached in May 2021.
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