Recently, an influential member of the cryptocurrency analysis community generated buzz by suggesting that Dogecoin could experience price swings similar to what XRP experienced during its last bull market. This statement on social media platform X has generated much discussion regarding Dogecoin’s future movements and fluctuations.
At the peak of the 2021 market boom, several leading digital currencies reached new heights; however, XRP struggled to exceed its previous peak price. Tony “The Bull” Severino sees patterns emerging with Dogecoin that seem similar to that seen with XRP; raising questions as to whether Dogecoin could “pull an XRP” this cycle.
Comparing XRP and Dogecoin’s Market Movements
Tony’s analysis on social media shows how Dogecoin’s recent price movements appear similar to XRP’s from several years ago. Although considered among the top cryptocurrencies, XRP encountered challenges that prevented its expansion alongside Bitcoin and Ethereum during previous bull markets.
XRP reached an all-time high of $1.95 before falling short of breaking through resistance at 0.786 Fibonacci extension from its 2020 low. Unfortunately, it failed to surpass its 2018 all-time high of $3.84 before entering bear phase in 2022, leaving its price fluctuating mostly between $0.7 and $0.5 without significant upward momentum needed to reach past peaks. Meanwhile, Dogecoin recently experienced rejection at its 2022 low where similar resistance points exist (0.5 Fibonacci extension point from 2020 low). This similar to XRP’s performance but without such resistance at similar Fibonacci extension points from its 2020 low.
Implications for Dogecoin’s Price Trajectory
Dogecoin may experience similar trends to XRP’s in 2021. Following this pattern, resistance could arise near $0.42 at 0.786 Fibonacci extension level – possibly restricting growth during current cycle.
Tony Severino’s analysis has caused much discussion among cryptocurrency enthusiasts. Some believe that Dogecoin’s extraordinary performance in one cycle does not guarantee its repeat performance in subsequent periods, suggesting it may struggle to rise as fast. Meanwhile, others see Dogecoin’s unique features – such as its association with notable personalities – as contributing factors that might alter its course relative to that of XRP.
As of today, Dogecoin has seen an exponential 10.82% surge in value over the last 24 hours to trade at $0.135, while XRP has experienced a slight dip of 0.73% and currently trades at $0.55.