Crypto News: XRP Maintains Rally Hopes as DOGE Uptrend Breaks Down

XRP is rebounding after a significant price drop over the past few weeks, while Dogecoin continues to struggle, failing to recover from its recent losses amid market uncertainty.

XRP's recent price rally suggests a positive outlook for investors. Conversely, Dogecoin (DOGE) has fallen below key support levels, signaling an end to its upward trend.

Analyzing XRP and DOGE Fibonacci Retracement Levels

XRP shows promising signs of a bullish recovery after a prolonged downtrend. After reaching a peak of $3.40 in mid-January, XRP experienced a price drop of approximately 25%. However, it's now regaining momentum. MarketCap data indicates a 3.16% increase in the last 24 hours, placing the price at $2.28.

Despite the earlier sell-off, technical analysis reveals that the price only retraced 38.2% according to Fibonacci levels. These levels often indicate potential areas where a price trend might resume. The 38.2% retracement is encouraging for XRP bulls, suggesting a potential return to the previous upward trend. This uptrend, initiated on November 4th at $0.495, culminated on January 16th at $3.40. Price pullbacks to the 38%, 50%, and 61.8% Fibonacci levels are common before larger rallies begin. This provides reason for optimism regarding future price increases for XRP.

In contrast to XRP's positive indicators, DOGE's outlook appears less favorable based on Fibonacci retracement analysis. The price has fallen below the 61.8% retracement level, suggesting an end to its rally. DOGE has shed over 70% of its gains since October, peaking at $0.484 in December. At the time of writing, DOGE is trading at $0.2062, down 0.54% in the last 24 hours and 18.7% over the past week. While some analysts previously predicted a rise to $0.84 in March, this remains to be seen.

Positive News for XRP

Positive momentum is building for XRP, fueled by anticipation of Exchange-Traded Fund (ETF) approval. Recent news regarding an XRP-based ETF is highly encouraging. As previously reported, Brazil's Securities and Exchange Commission (CVM) has approved the world's first XRP ETF, allowing investors direct exposure to XRP through the B3 stock exchange. This demonstrates a progressive approach to crypto regulation in Brazil. In the US, regulators are also reviewing XRP ETF applications from various firms. Approval could significantly increase institutional demand for XRP, mirroring the impact seen with Bitcoin and Ethereum ETFs. The growing institutional interest in an XRP ETF has been noted by industry experts, such as Bitwise Chief Investment Officer Matt Hougan. This interest is being driven by major asset firms, including Bitwise, Grayscale, and 21Shares.