Renowned cryptocurrency analyst Michaël van de Poppe has shared his belief that Dogecoin ($DOGE), the meme-inspired cryptocurrency, could experience an incredible rally similar to that witnessed by XRP earlier this month.
The recent ruling by a federal judge in New York, ruling that XRP “is not necessarily a safety in its face,” pushed XRP prices up more than 65% in the past week. This ruling prompted major exchanges such as Coinbase, Kraken, and Gemini to re-listen the token. Many analysts, including Thomas Kralow, founder and manager of Kralow Capital, anticipate XRP reaching $30 in the future.
In his latest strategic forecast, shared with his substantial YouTube following of 162,000 subscribers, Van de Poppe draws attention to the striking similarities between Dogecoin’s market architecture and the trajectory observed in XRP’s recent ascent.
By superimposing the XRP 12-hour chart on top of the Dogecoin line chart, Van de Poppe demonstrates the close similarity in market structure between the two tokens. Based on these observations, he suggests that Dogecoin has the potential for a significant rally, possibly surging 157% from its current price. This rally has the potential to push DOGE’s value to $0.15 to $0.18 per token.
Currently, one DOGE token is trading at $0.068, after experiencing a gain of more than 5% in the past week. Although Dogecoin has outperformed major cryptocurrencies such as Bitcoin and Ethereum, it has fallen behind others such as Solana and Cardano.
Van de Poppe recently shared a series of optimistic forecasts for various altcoins, including XRP, Chainlink ($LINK), and Polygon ($MATIC), with his 600,000 followers on the microblogging platform.
As the cryptocurrency market continues to grow, investors are eagerly eyeing potential opportunities, and Dogecoin’s similarities to XRP’s previous rallies have caught the attention of market watchers. While predictions provide insight, it is important for investors to conduct thorough research and be careful in their decision making.