Crypto analyst and economist Mikybull has predicted that XRP could soon experience a price surge similar to Dogecoin’s recent sharp rally.
On Monday, Mikybull shared his outlook on social media, emphasizing that XRP could be primed for a significant move as 2025 approaches.
Dogecoin recently made headlines for its dramatic price jump. On November 3, DOGE was priced at $0.1428; in just nine days, it climbed over 200% to reach $0.4359.
This spike saw Dogecoin’s market cap soar, adding over $43 billion and pushing it above USDC stablecoin and even XRP in overall crypto rankings.
This move marked the first time Dogecoin surpassed the $0.4 mark since June 2021, generating fresh interest and highlighting DOGE’s unique volatility in the market.
$XRP massive surge incoming, similar manner of doge.
Probably $2 target EOY. pic.twitter.com/sNgcwR3KzI
— Mikybull 🐂Crypto (@MikybullCrypto) November 11, 2024
Potential for XRP’s Price to Follow Dogecoin’s Path
Despite Dogecoin’s rapid gains, XRP’s performance has been comparatively reserved, maintaining a moderate upward trend. Yet, Mikybull remains optimistic. He believes that XRP’s market activity has laid the groundwork for a substantial upward move.
In his forecast, Mikybull set a target price of $2 for XRP by the end of 2024, viewing it as a reasonable outcome if XRP experiences a breakout similar to Dogecoin.
At the time of Mikybull’s projection, XRP was trading around $0.5925. Since then, the asset has appreciated by over 40%, reaching $0.85, the highest level it has seen in eight months.
Mikybull doubled down on his confidence in XRP’s potential, noting in a follow-up update that the cryptocurrency appears poised for what he described as a “giga send.” He highlighted XRP’s recent break from its downward trend on the Relative Strength Index (RSI) as a strong indication of upcoming gains.
According to Mikybull, this positive RSI movement only solidifies his belief that XRP is preparing for a rally similar to Dogecoin’s recent price action.
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Community Anticipation and Alternative Price Targets
Mikybull’s forecast of $2 for XRP by year’s end has sparked discussions and differing opinions within the XRP community, where some enthusiasts hold even more ambitious outlooks.
An XRP advocate, Gauda, challenged Mikybull’s prediction, arguing that $2 would still fall significantly short of XRP’s previous all-time high and that the cryptocurrency could soar as high as $20 if it experiences a surge akin to Dogecoin’s.
According to Gauda, a price target of $2 might not fully reflect the asset’s potential if market momentum gathers strength. He suggested that XRP has greater room to grow, especially if broader market factors and strong investor interest play in its favor.
Gauda encouraged a more optimistic perspective, emphasizing that XRP’s price history supports the potential for a greater rally than the one forecasted by Mikybull.
Market Factors to Watch in Anticipation of a Breakout
As XRP approaches the $1 resistance level, market participants are watching the cryptocurrency’s price movements closely, particularly in light of recent gains.
Some analysts focus on XRP’s trading volume and relative strength, looking for signs that might confirm the potential for a large-scale breakout.
If XRP follows a trajectory similar to Dogecoin’s, the asset could witness a sharp surge that further intensifies the competitive dynamics in the crypto market rankings.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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