Master Kenobi on X, expressed his skepticism about Ripple (XRP) despite its recent price surge. He pointed out that XRP’s rise has taken it back to its 2021 peak after an unexpected fourfold increase.
This raises questions about its underlying value compared to other cryptocurrencies. The analyst clarified that he has never had any sympathy for XRP, yet he couldn’t ignore the excitement surrounding its pump.
Why DOGE Could Have More Growth
Kenobi mentioned a connection between XRP’s performance and the potential of Dogecoin (DOGE). He speculated that if XRP could achieve such gains, then DOGE looks like a better bet, with its established community and historical volatility, and might have even more room for growth.
He noted that DOGE is currently positioned just above half of its previous all-time high, while XRP’s market cap is significantly larger. This discrepancy suggests that DOGE could represent a more attractive investment opportunity at this moment.
The analyst also acknowledged the competitive landscape, specifically regarding Binance Coin (BNB), hinting at upcoming developments that may impact its standing in the market. He concluded by reminding his followers that his insights are for educational purposes and to always consider broader economic trends when making investment decisions.
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DOGE Price Closed Above a Key Level on the Daily Chart
On Sunday, Rekt Capital posted a chart that reveals an ascending triangle pattern with a flat resistance at $0.43 and rising support, suggesting bullish momentum. The horizontal resistance acts as a key neckline, with recent price action testing but not yet breaking this level.
The rising trendline of higher lows indicates steady buying pressure. Traditional triangle patterns typically show declining volume during formation, with successful breakouts accompanied by volume surges.
A confirmed breakout requires a daily close above $0.43, which already happened yesterday as the price closed at $0.44.
The analyst also discussed the implications of a successful breakout, noting that such a move could ignite rallies across the broader memecoin market. The key now would be a successful restest of this key level at $0.43 for the price to continue to spike again.
Read Also: Worldcoin (WLD) Price Breaks Key Resistance and Could Be on Track to Reclaim March Top – Here’s the Outlook
DOGE Enters a Strongly Bullish Zone
Trader Tardigrade further expanded on DOGE’s potential by stating that it has entered a “Green Zone,” which typically signifies a vigorous price pump. He suggested that as this zone narrows with each cycle, the intensity and speed of DOGE’s potential price movement may increase.
#Dogecoin has entered the Green Zone The green zone tends to narrow after each cycle, indicating that the $Doge pump will be more vigorous and rapid in this zone HODL your $Doge and ride through double digits. pic.twitter.com/nxLjUSQK5f
— Trader Tardigrade (@TATrader_Alan) December 1, 2024
The analyst encouraged holders to maintain their positions, anticipating that the cryptocurrency could achieve double-digit gains in the near future.
Overall, the current sentiment among analysts suggests that while Ripple’s recent pump has caught attention, Dogecoin’s fundamentals and market positioning may make it a more promising investment in the long run.
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