Emily Walker
Although Dogecoin has made significant strides this year, it has not yet surpassed its record high from 2021. Nonetheless, market analysts are expressing optimism about its future. Recent evaluations have drawn parallels between Dogecoin’s price movements and those of XRP, with a consensus building that both currencies could set new all-time highs soon. Notably, crypto analyst ProfessorAstrones has intriguing insights suggesting that the shifts in XRP’s market might influence Dogecoin’s price.
Dogecoin’s Price Trends Reflect XRP’s Rally
ProfessorAstrones, who remains anonymous, shared insights via the X social media platform, suggesting that the liquidity from XRP could transition into Dogecoin, potentially elevating its price. His analysis includes a 4-hour DOGEUSDT chart, which shows a narrowing price range, bordered by both a descending and an ascending trendline. This chart pattern mirrors a bullish pennant, often preceding a significant price increase.
He mentions that Dogecoin aims for a nearer target of $1, with more ambitious goals set at $3 and $5 by 2025. Reaching even $1 would require surpassing its all-time peak of $0.7316. His forecasts are rooted in the anticipated liquidity shifts within the cryptocurrency sphere.
Specifically, he envisions that profits gained from XRP’s rise will eventually be reinvested into Dogecoin. “Funds from $XRP will transition to $DOGE,” the analyst stated.
This implies that as XRP investors realize their gains, they might redirect their investments toward Dogecoin, which similarly enjoys popularity among retail investors as one of the top cryptocurrencies.
This potential liquidity shift is echoed by other analysts, including @CryptoGodJohn, who shared a similar perspective on X. He predicts an influx of funds into Dogecoin once XRP hits a local price peak within this market cycle.
Similarities in Price Patterns Between Dogecoin and XRP
Jacob Canfield, another well-known cryptocurrency analyst, discussed the price behavior shared by Dogecoin and XRP, revealing traditional trading patterns in both assets. He noted that Dogecoin’s price has been creating higher lows and successfully converting previous resistance levels into support, similarly to XRP’s recent performance on shorter time frames.
As of now, Dogecoin is priced at $0.441, marking a 5% increase in the last 24 hours, while XRP stands at $2.37, reflecting a 10% drop in that same timeframe. It remains uncertain whether there will be a notable transfer of liquidity between XRP and Dogecoin during this current bullish cycle.