Will Dogecoin Market Cap Surpass Ripple In June?

Will Dogecoin Market Cap Surpass Ripple in June?
Originally published on Coinpedia Fintech News

Amidst the resurgence of meme coins, the market is experiencing a bullish upswing, fueling investor anticipation of a 2021-like rally. Leading the charge are meme coins such as PEPE, FLOKI, and BONK, with DOGE showing a steady rise.

Despite its conservative uptrend, Dogecoin's $24.52 billion market cap may soon rival the underperforming XRP token. With a $5 billion market cap difference, can DOGE's uptrend overtake Ripple this June? Crucially, should you invest in Dogecoin before the bull run?

Resistance at $0.175 for Dogecoin
Dogecoin's recent rally has resulted in a 29% increase over 27 days. The meme coin has formed a triangle pattern with an overhead resistance trendline.

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According to the Fibonacci retracement of April's pullback, the recovery rally is currently between the 38.20% and 50% levels. A breakout on either side will determine the pattern's outcome.

However, the broader market recovery and bullish momentum suggest an extended bull run. If DOGE surpasses the 78.60% Fibonacci level at $0.20, it could target the $0.22 level.

Ripple's Reversal Potential
While the crypto market is in a positive cycle, XRP's price has been moving sideways near its weekly support trendline. Its low-impact moves indicate a lack of interest from new investors.

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This raises the possibility of a decline below the support trendline if buyers lose the $0.50 psychological support. XRP currently trades at $0.52, with a 6% return in May.

Dogecoin vs. XRP: June Prediction
With Dogecoin's $24.52B market cap, its bullish momentum is gradually increasing. Ripple's market cap stands at $29.36B, with a sideways trend and potential downside risks.

Based on the available data, Dogecoin must reach a market cap of at least $29 billion to challenge XRP. This would require DOGE to reach $0.20, a plausible target for its triangle breakout rally.

Therefore, given the current price action and rising demand for meme coins, Dogecoin has a strong likelihood of surpassing XRP to become the 7th largest cryptocurrency globally.