Will Dogecoin Market Cap Surpass Ripple In June?
The post Will Dogecoin Market Cap Surpass Ripple In June? appeared first on Coinpedia Fintech News
With the massive bullish turnaround in meme coins, the market is heading to higher levels, and investors anticipate a bull run like 2021. Spearheading the bullish market, meme coins like PEPE, FLOKI, and BONK are the top performers, while the DOGE price is revealing a gradual rise.
Despite the conservative uptrend, Dogecoin, with a $24.52 billion market cap, might soon outrank the underperforming XRP token. With a $5 billion difference in market cap, will the DOGE price uptrend manage to surpass Ripple this June? More importantly, should you invest in Dogecoin before the bull run begins? Read our DOGE price prediction NOW to find out.
Friction At $0.175 For Dogecoin
With a bullish recovery rally in the past few weeks, the DOGE price action reveals a 29% jump in 27 days. Further, the meme coin shows a triangle pattern formation in the daily with the overhead resistance trendline.
As per the Fibonacci retracement of the pullback in April, the recovery rally is stuck between the 38.20% and 50% Fibonacci levels. A breakout on either side will decide the pattern breakout and the upcoming price trend.
However, the broader market recovery and the increased bullish momentum hint at an extended bull run. The breakout rally in DOGE price could easily aim for the $0.22 level if it surpasses the 78.60% Fibonacci level at $0.20.
Chances of Reversal In The Underperforming Ripple
With the crypto market in a positive cycle, the XRP price trend shows a range sideways move near the weekly support trendline. The low-impact moves during the bull market reveal a lack of interest in new XRP whales.
Further, this increases the possibility of a downfall under the crucial support trendline if the buyers lose the $0.50 psychological support. Currently, the XRP price trades at $0.52 with a 6% return in May.
Will Dogecoin Surpass XRP This June?
With a $24.52B market cap of Dogecoin, the bullish trend in the meme coin is gradually gaining momentum. Meanwhile, the market cap of Ripple stands at $29.36B, with a sideways trend and a potential downfall looming over.
With the above data, Dogecoin must reach at least $29 Billion in market cap to challenge XRP. For such a case, the DOGE price must reach the $0.20 mark, a feasible target for the triangle breakout rally.
Hence, as per the ongoing price action and the rising demand for meme coins, Dogecoin shows a strong possibility of surpassing the XRP to become the 7th biggest cryptocurrency in the world.
