An expert trader believes that Dogecoin is the “economic version” of XRP, suggesting that the price of DOGE could follow the same uptrend that XRP has recently seen.
This feeling was common on X by DonAlt, a recognized market expert with years of experience. Remarkably, the data from the two attached charts confirmed that XRP and Dogecoin had followed a similar price trajectory since the beginning. November, amid political developments in the United States
Similar Paths Dogecoin and XRP Trail
Particularly from November 5, following the last American presidential election which saw pro-crypto candidate Donald Trump emerge victorious, DOGE was one of the first beneficiaries of the resulting market trend. This was partly due to Elon Musk’s contributions to Trump’s victory.
Dogecoin saw an impressive rise from $0.1513 on November 5 to a high of $0.4389 on November 12, a level it had not seen since June 2021. This marked a massive 190% increase in one week.
However, after the high of $0.4389, Dogecoin faced immense resistance, drop to a low of $0.3401 five days later. Despite this pullback, the bulls showed resilience, firmly defending the $0.34 territory and protecting themselves against any deeper declines.
This battle between bulls and bears has led to a stalemate, with Dogecoin largely consolidation between $0.34 and $0.43 for a maximum duration of ten days. Neverthelessin full consolidation phaseseveral analysts expect an imminent breakout Soon.
Interestingly, the daily XRP chart reveals that XRP has been following a similar price trajectory as Dogecoin in the same time frame earlier in the month. As a reminder, XRP rose 150% from $0.5033 on November 5 to a three-year high of $1.26 on November 16. After this peak, it also faced consolidation.
However, unlike Dogecoin, XRP only trades in a four-day range. On November 21, the altcoin recorded an impressive intraday gain of 12.86%, allowing it to surpass the previous high. And has continued to increase since then, especially after Resignation note from SEC Chairman Gary Gensler.
DOGE could imitate the XRP breakout
DonAlt’s commentary suggests that Dogecoin is on track to record similar price movements. At press time, DOGE had already surpassed the previous high of $0.4389, having arisen to a high of $0.4653 earlier this morning. This bullish movement is already setting the stage for a rally that will follow The path to XRP.
A structure that further reinforces the idea that both tokens are moving on the same trajectory is the formation of a bull flag on both daily charts. This trend forms when an asset skyrockets and then faces consolidation. This suggests that the previous uptrend would continue once the consolidation is broken.
Notably, since breaking out of its consolidation, XRP has gained 34.57% in three days, currently trading at $1.50. A similar surge for DOGE would see the meme coin rise to $0.56. However, most analysts expect larger increases towards the $1 level and beyond. DOGE is now trading at $0.4706, up 13% today.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.