Renowned cryptocurrency analyst Michaël van de Poppe has shared his belief that Dogecoin ($DOGE), the meme-inspired cryptocurrency, could experience a remarkable rally akin to the one witnessed by XRP earlier this month.
The recent ruling by a federal judge in New York, which determined that XRP is “not necessarily a security on its face,” propelled the price of XRP to surge by over 65% in the past week. This ruling prompted major exchanges like Coinbase, Kraken, and Gemini to relist 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 drew attention to the striking similarities between Dogecoin’s market architecture and the trajectory observed in XRP’s recent ascent.
By superimposing XRP’s 12-hour chart over Dogecoin’s line chart, Van de Poppe demonstrated the close resemblance in market structure between the two tokens. Based on this observation, he suggests that Dogecoin could potentially experience a significant rally, possibly surging by 157% from its current price. This rally could potentially push DOGE’s value to $0.15 to $0.18 per token.
Presently, one DOGE token is trading at $0.068, having witnessed a rise of over 5% in the past week. While Dogecoin has outperformed major cryptocurrencies like Bitcoin and Ethereum, it has fallen short in comparison to the likes of Solana and Cardano.
Van de Poppe has recently shared a series of optimistic forecasts for various altcoins, including XRP, Chainlink ($LINK), and Polygon ($MATIC), with his 600,000 followers on the microblogging platform.
As the cryptocurrency market continues to evolve, investors eagerly watch for potential opportunities, and Dogecoin’s resemblance to XRP’s previous rally has captured the attention of market observers. While predictions provide insights, it is important for investors to conduct thorough research and exercise caution in their decision-making.