- Summary:
- In this Dogecoin and Ripple price prediction, we explain why the rally has paused and what we should expect going forward
The Ripple price momentum has faded as bullish investors take profit. XRP is trading at $1.7430, which is 12% below the highest level this week. It is still up by more than 210% this month and by more than 635% this year. Dogecoin price, on the other hand, has rebounded by more than 30% from its lowest level yesterday. It is trading at $0.1360, which is 6% below the all-time high of $0.1447.
What happened: Dogecoin and Ripple have been among the biggest winners this week as focus has remained in the Coinbase listing. The two currencies have gained by more than 125% and 88%, respectively, in the past seven days.
Dogecoin rally has accelerated after it moved above a key resistance level and as demand for the coin rose. Just yesterday, Dallas Mavericks said that it would hold the currency in its balance sheet. A cryptic tweet by Elon Musk and the fear of missing out has also helped the currency.
Ripple price, on the other hand, has risen after a judge ruled in its favour. The judge overseeing the case denied the SEC request to access financial transactions of the accused executives. Still, analysts warn that this does not signal how the judge will ultimately rule. So, what next for Ripple and Dogecoin prices?
Dogecoin price prediction
Early this week, I predicted that the DOGE price would soon rebound above its all-time high. This prediction was right as the currency surged ahead of the Coinbase listing. In the past few sessions, however, the price has been relatively volatile as profit-taking pushed it down by more than 25% to $0.1055.
It has already erased some of those losses and is now approaching its all-time high. It is still supported by the 25-day and 15-day exponential moving averages (EMA).
Therefore, in my view, this price action is a bullish consolidation and the price will resume the upward rally. For this to happen, bulls will need to move above the ATH at $0.1445. However, another drop below $0.1053 will invalidate this prediction.
DOGE price chart
Ripple price prediction
In the four-hour chart below, we see that the XRP price rally has hit a brake. This is in line with what I predicted yesterday when I noted that we could see a buy the rumour, sell the news situation. We also see that the XRP has formed a bullish pennant pattern that is shown in black. In technical this pattern is usually a bullish sign. Therefore, I expect that XRP will break out higher as bulls attempt to test $2.
XRP price chart
