The cryptocurrency market has become an unstoppable force in the financial world, offering high volatility and massive returns for early investors. Ripple (XRP) and Dogecoin (DOGE) performed remarkably well in the previous bull rally, but can they continue the momentum in the upcoming cycle?
With the parabolic rally in the XRP price, its market cap has reached $140 billion, which limits the similar explosive growth we saw in the past. Meanwhile, Dogecoin is experiencing an extreme sell-off due to the market sentiment shift towards a utility-driven coin.
Amid significant developments in the crypto market, experts have revealed their top pick for February – the viral utility altcoin of DTX Exchange (DTX), which has amassed massive attention due to increasing demand in its ongoing presale. Offering its native tokens at a discounted price in the presale phase and raising over $13.55 million, DTX is set to redefine global markets.
Ripple Retraces After Correction: Will The XRP Price Reverse?
Last month, Ripple broke out of the upper trendline of a symmetric triangle pattern that had extended for over a month. Within five days of this, the XRP price gained over 45%. However, Ripple soon encountered resistance at $3.4, which caused it to consolidate for over two weeks. Rejected from further rise, the XRP price lost demand and started to fall a week ago.
Source: CoinMarketCap
In the last 24 hours, the XRP price has declined 1.52% and is trading at $2.41. Due to this correction, Ripple has moved below the 50-day SMA line but trades above its 100-day SMA. The MACD oscillator dropped under the baseline a few days ago and continues to fall, indicating increasing bearish pressure on the XRP price.
Despite the selling pressure, the XRP price has shown a retracement from today’s low at $2.26, with an 8.13% increase in trading volume. This suggests a potential trend reversal for Ripple if the sentiment shifts to bullish.
Dogecoin (DOGE): Whales Accumulation Amid Downfall
During the market downturn, Dogecoin (DOGE) whales seized the opportunity, buying 750 million DOGE despite the dip. Their move signals confidence, showing that major players aren’t stepping back even in tough times. This buying spree followed the ETF buzz sparked by Grayscale’s launch of a Dogecoin Trust and the filing for a DOGE ETF on the New York Stock Exchange.
Meanwhile, a publicly traded Canadian cryptocurrency com
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Author: Crypto Daily
