Crypto analyst and economist Mikeybull claims that XRP is seeing a strong rally similar to the recent rise of Dogecoin (DOGE).
Mikeybull shared this optimism in a tweet on Monday. At the time, XRP's price action was relatively stable, while Dogecoin was making waves in the crypto market with its impressive price rally.
For reference, on November 3, Dogecoin was trading at $0.1428, but nine days later it was up 205.25% to reach $0.4359.
Dogecoin hasn't traded above $0.4 since June 2021. In less than two weeks, the meme coin has added over $43 billion to its market cap, surpassing stablecoins USDC and XRP in market rankings.
With XRP showing less comparable growth, the gap between Dogecoin and XRP has widened as the meme coin's bull run continues.
Despite XRP's underperformance during Dogecoin's rally, Mikybull expressed optimism about XRP's potential.
XRP Price Prediction If It Grows Like Dogecoin
He argued that XRP is setting the stage for a major rally similar to Dogecoin's recent rise, with a price target of $2 by the end of 2024.
At the time of the forecast, XRP was trading around $0.5925. Notably, it has since risen 24% to $0.7354, its highest price in eight months.
However, the seventh-largest crypto asset has encountered resistance that has prevented it from reclaiming the $0.74 level, the yearly high set earlier in March. XRP is currently trading at $0.674.
Market watchers are hopeful that based on recent price action, XRP could soon break above the three-year resistance level of $1, possibly as early as Friday.
In a subsequent XRP price action update, Mickeybull reiterated his bullish outlook, stating that XRP is ready for a “giga-shipment.”
He pointed to the RSI's downtrend breakout as a key sign of strength. Mickeybull reiterated that the recent move only reinforces his belief that XRP is set for a Dogecoin-like rally.
XRP Enthusiasts Push for Higher Price Target
While Mickeybull’s $2 year-end target has attracted attention, some XRP enthusiasts are more ambitious. One such enthusiast, Gouda, has argued that if XRP rises like Dogecoin, it could soar to $20, not just $2.
Gouda pointed out that $2 would still be significantly below XRP's previous all-time high, urging Mickeybull to take a more optimistic view.