Analyst Says Dogecoin (DOGE) is the Budget Version of XRP. Here’s why

Analyst Compares Dogecoin to XRP, Predicts Similar Uptrend

Renowned market analyst DonAlt has suggested that Dogecoin (DOGE) has the potential to replicate the recent price surge witnessed in XRP. DonAlt characterized DOGE as the "budget version" of XRP, highlighting similarities in their price patterns.

Price Movement Comparison: XRP vs. Dogecoin

Since early November, XRP and Dogecoin have exhibited similar market trends influenced by political developments in the United States.

Following the presidential election on November 5, Dogecoin emerged as a significant beneficiary of the crypto market upturn. Elon Musk's vocal support for the election outcome further fueled the surge.

Dogecoin's price soared from $0.1513 to $0.4389 within a week, marking a 190% increase. XRP also experienced a notable rally, rising from $0.5033 to a three-year high of $1.26.

Both tokens subsequently entered consolidation phases, with DOGE finding support around $0.34. XRP's consolidation was shorter, lasting only four days before it broke out.

Analyst's Prediction for Dogecoin

DonAlt believes that Dogecoin's current market behavior resembles XRP's trajectory. Since breaking out of its consolidation, XRP has achieved a 34% gain in just three days.

A similar performance for Dogecoin could potentially drive its price to $0.57. Some experts even anticipate more substantial gains beyond $1.

The appearance of a bull flag pattern on both tokens' charts further supports this prediction. This pattern typically indicates the continuation of an uptrend after a period of consolidation.

Disclaimer

This article provides information for educational purposes only and should not be construed as financial advice.