Dogecoin (DOGE) and Ripple (XRP) have experienced significant price declines in the last seven days, with DOGE falling by 9 percent and XRP falling by 6 percent. This unexpected turn of events has surprised investors and led to a bearish sentiment in the market.
Dogecoin, known as the meme coin, reached an intraday low of $0.068010, causing concern for investors who bought at the peak of $0.07407. This decline marks the fourth straight session of falling prices for Dogecoin. Analysts attribute this pullback to the death cross, a downward crossover of moving averages, and the Relative Strength Index (RSI) hitting its lowest point in four weeks.
Similarly, XRP has extended its bearish run, trading at $0.589778 after falling by 6.4 percent in the last seven days. This decline was triggered by reports that the US Securities and Exchange Commission is filing for an appeal against the ruling recognizing XRP as a security. The asset has broken key support levels to reach multi-week lows, with the RSI indicator approaching its weakest point since May.
Despite these price declines, some analysts remain optimistic about the future of XRP. One analyst, known as CRYPTOWZRD, predicts a potential rally that could see XRP hitting $8.5. The analyst bases this prediction on the Treasury Map, which analyzes XRP’s price behavior dating back to 2013. Similar price patterns in the past have led to significant price surges, and the analyst expects history to repeat itself in the next few months.
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Looking back at XRP’s price history, it experienced a 953 percent surge from $0.00583 to $0.06144 in December 2013. After a pullback, the asset staged a comeback to reach $0.02803 in December 2014. The market then went through a correction, followed by a series of patterns, eventually reaching a low of $0.00404 in November 2015. XRP’s all-time high price of $3.3 was recorded in January 2018, following a 1,568 percent surge.
Based on this historical analysis, the analyst believes XRP is currently on the verge of a breakout, pending the final surge in the next few months. However, it’s important to note that these predictions are speculative and should not be taken as financial advice. Investors are advised to conduct their own research and make informed decisions regarding their investments.
In conclusion, Dogecoin and XRP have experienced significant price declines in the past week, causing a bearish sentiment in the market. While some analysts predict a potential comeback for XRP, it’s crucial for investors to exercise caution and make informed decisions. The crypto market is highly volatile, and prices can fluctuate rapidly.
