Crypto Analyst Says Dogecoin Price Could Pull an XRP This Cycle, What That Means

A prominent crypto analyst has a thought-provoking debate on the social media platform

While most major cryptocurrencies hit new all-time highs in the 2021 bull market, XRP struggled to get by its peak so far. Now crypto analyst Tony “The Bull” Severino has drawn a comparison with Dogecoin show similar price movementsnoting the question of what happens if Dogecoin “pulls an XRP this cycle?”

Drawing parallels between XRP and Dogecoin price

Accordingly a technical analysis of According to the XRP and Dogecoin price charts shared by Tony on the social media platform, despite being one of the top cryptocurrencies by market cap, XRP faced unique challenges that slowed its rise alongside Bitcoin and Ethereum during the last bull run.

Although XRP saw a significant price increase and reached a high of $1.95, it faced resistance at the .786 Fib extension of its 2020 low. Therefore, before the 2022 bear market, XRP price failed to break its 2018 all-time high of $3.84, much to the disappointment of many bullish proponents. Since then, XRP has largely traded between $0.7 and $0.5, with no need for sustained bullish momentum to regain its previous highs.

The analyst further clarified the Dogecoin price development with a monthly candlestick chart for the DOGE/USD pair. He noted that Dogecoin’s price was recently rejected at the 0.5 Fibonacci extension from its 2022 low, a pattern that closely mirrors the performance of XRP, where the price was at the 0.5 Fibonacci -Extension from its 2020 low was also repelled.

What does this mean for DOGE?

The crypto community is no stranger to repeating market cycles, and there remains potential for a market leader like Dogecoin to follow in XRP’s footsteps in 2021. Should this XRP pattern prevail, it would keep the price of Dogecoin suppressed in the current bull cycle. Notably, Dogecoin price could face significant resistance at the 0.786 Fibonacci Extension level, which is near $0.42.

Tony Severino’s analysis comparing the two cryptocurrencies has sparked debate among many crypto participants. A participant, @WLitecoin, commented on that This scenario is highly plausible and indicates that it is rare for a cryptocurrency that performed exceptionally well in one cycle to repeat that success in the next. They argue that many of the top buyers from the 2021 cycle are likely to act as resistance in the current cycle and put downward pressure on the Dogecoin price.

On the other hand, another commenter (@JVNTrade) believes The two cryptocurrencies are very different. In your opinion, Dogecoin has ties to Donald Trump and Elon Muskso his price action will be different of XRP.

At the time of writing, DOGE is trading at $0.135 and is up 10.82% in the last 24 hours. XRP is trading at $0.55 and is down 0.73% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com