Over the past few days, Dogecoin (DOGE) has been displaying intriguing price movements, sparking the attention of crypto analysts and investors alike. Amidst the backdrop of its recent surge, some experts are drawing parallels between DOGE and the explosive rally witnessed in XRP just a week ago.
DOGE, famously known as the “meme coin,” experienced a remarkable surge in value, gaining over 73% in less than 24 hours. This price surge coincided with the news of Judge Analisa Torres ruling that Ripple’s sales of XRP were not considered securities, leading to a significant boost in XRP’s market value.
Drawing Parallels: DOGE vs. XRP Price Action
Taking note of these developments, crypto strategist Michaël van de Poppe, who has a following of 162,000 subscribers on YouTube, has been closely monitoring Dogecoin’s current market structure. He points out striking similarities between DOGE’s price action and that of XRP before its recent eruption.
By superimposing XRP’s 12-hour chart onto Dogecoin’s line chart, Van de Poppe has drawn attention to the resemblance, suggesting that DOGE might be poised for a significant rally. He projects that if Dogecoin follows in the footsteps of XRP, it could potentially surge by as much as 157% from its current price level.
However, at present, DOGE is trading at $0.07, experiencing only a fractional increase over the last 24 hours. However, if Van de Poppe’s projections prove accurate, the leading meme-coin could see substantial gains, potentially reaching a target range of $0.15 to $0.18.
Also Read: Altcoin Market Outlook: Here’s What Next For XLM and XRP Price
What does the Golden Cross Formation suggest?
As excitement brews around Dogecoin’s potential breakout, market participants are also keeping a keen eye on the total market cap of all cryptocurrencies (TOTAL). He further observes a noteworthy technical pattern on the weekly timeframe—an emerging golden cross formation.
The analyst is optimistic about the prospects of a total market cap breakout, suggesting that it could lead to an impressive 40% to 70%, or even 80%, increase from its current level. He speculates that the total market cap could potentially surpass $2 trillion before experiencing any significant correction. According to the strategist, this positive momentum could persist for at least two to three months.
