XRP, the cryptocurrency associated with Ripple, could be on the verge of a significant surge in value, following in the footsteps of Dogecoin’s recent explosive market growth. According to prominent crypto economist Mikybull, XRP is projected to reach $2 by the end of 2024. This prediction comes on the heels of Dogecoin’s impressive price rally, which saw the meme-based cryptocurrency climb a staggering 205% in just nine days.
The comparison between Dogecoin and XRP is based on the similarities in their market patterns. Dogecoin’s rise from $0.1428 to $0.4359 between November 3-12 added $43 billion to its market cap, surpassing both USDC and XRP in rankings. Currently trading at $0.674, XRP is below its March peak of $0.74, but market watchers believe it is poised to break through the $1 resistance level, following the trajectory set by Dogecoin.
Technical indicators also point towards a potential surge for XRP. Mikybull highlights the RSI downtrend breakout, indicating strong momentum for the token. XRP has already jumped 24% to $0.7354, its highest point in eight months, with increasing pressure building at the three-year $1 resistance level.
Mikybull’s forecast of $2 for XRP has sparked debate among traders, with some analysts like Gauda arguing for a $20 target instead. Gauda believes that $2 would fall short of XRP’s previous highs and suggests that XRP’s surge could outpace Dogecoin’s recent explosion due to its larger market presence and wider adoption.
As the seventh-largest cryptocurrency, XRP has shown signs of steady accumulation at current prices, with rising trade volumes and bullish technical indicators. Institutional interest in XRP is also growing, with market data indicating increasing buyer confidence at current levels.
Overall, the market expectations for XRP are optimistic, with the potential for a significant surge in value in the coming months. The similarities between XRP and Dogecoin’s market patterns, coupled with strong technical indicators and growing institutional interest, suggest that XRP could be on the cusp of a major breakout. Investors and traders will be closely watching XRP’s performance in the coming weeks to see if it can indeed follow in the “paw-steps” of Dogecoin’s explosive growth.