Changes in Ripple (XRP) and Dogecoin (DOGE): Analyst
Ripple's XRP appears to be breaking out of a descending channel, suggesting further upside momentum. The value of Dogecoin is poised amid a significant increase in DOGE transactions. Both coins traded lower this week as markets responded to the Binance news.
Ripple's fifth-largest token with a market capitalization of more than $33 billion was trading at $0.61 at the time of writing. Meanwhile, Dogecoin (DOGE) rose to $0.075 and could go higher as activity on the chain swells.
XRP and DOGE saw a negative turn this week as cryptocurrencies battled after the news that former Binance CEO Changpeng Zhao had resigned.
Analyst Shares XRP and DOGE Price View
While XRP failed to break the psychological barrier of $1 in July, crypto analyst Ali said that an exit from the bearish parallel channel could see XRP/USD push to the $0.65 – $0.66 range.
#Ripple | $XRP appears to be breaking out of a descending parallel channel, which could lead to a rally to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
Recent SEC filings list several altcoins as securities — but not XRP. With a potential fight over the settlement with the SEC in April of next year, the community's previous victory over the regulator will see what will happen in the next mirror when the case that started in December 2020 finally moves into the rearview mirror.
As for DOGE, the analyst sees a significant increase in prices on large transactions amid institutional demand.
#Dogecoin | There has been a significant increase in $DOGE transactions over the past month, exceeding $100,000, a consistently new high.
This volatility indicates increased demand for #DOGE from institutional players and whales, which could be set for a significant price increase. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
The daily profit is 3.5% and the 24-hour trading volume is currently over $1.1 billion. Flying in the market is Bitcoin, Ethereum and Solana – the fourth largest volume among the volatile ones at the time.
Dogecoin saw a 24-hour trading volume of nearly $452 million. While the top meme coin showed some signs of being in the $16 billion dog-meme market, its gains last month narrowed its annual loss to 5.5 percent.
Positive moves in the market could see DOGE/USD 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.
