- XRP could soon experience a Dogecoin-like explosive growth, according to crypto economist Mikybull’s analysis, potentially reaching $2 by the end of 2024.
- Technical indicators such as the RSI downtrend breakout and increasing trading volume signal strong bullish momentum for XRP, with the token already jumping 24% to $0.7354, its highest point in eight months.
- While Mikybull predicts a $2 price target, some analysts argue for an even higher target of $20, reflecting growing market optimism and XRP’s wider adoption compared to Dogecoin.
Cryptocurrencies like XRP and Dogecoin have seen massive price surges recently, sparking predictions that XRP could follow a similar trajectory. An economist has predicted that XRP could reach $2 by the end of 2024, based on technical indicators and Dogecoin’s precedent.
Comparing XRP and Dogecoin
Dogecoin’s price rose from $0.1428 to $0.4359 between November 3-12, adding $43 billion to its market cap. This pushed DOGE above both USDC and XRP in the rankings.
JUST IN: Ripple $XRP reclaims $0.90 for the first time in 490 days following news that SEC Chair Gary Gensler will soon retire
— BlockNews (@blocknewsdotcom) November 15, 2024pic.twitter.com/3vUHXxKBGE
XRP currently trades below its March peak of $0.74. Analysts believe it will soon break through the $1 resistance level, following Dogecoin’s explosive growth pattern. The similarities between the two cryptocurrencies strengthen predictions of coming surges for XRP.
Bullish Technical Indicators
According to analyst Mikybull, XRP is primed for a “giga send,” showing a RSI downtrend breakout. XRP has already jumped 24% to $0.7354, its highest point in eight months. Multiple technical indicators support the bullish outlook on XRP.
Price Targets and Market Expectations
The economist’s $2 forecast sparked debate on potential targets. While some argue for a more conservative $1 target, others believe XRP could outpace Dogecoin given its larger market presence and adoption. The ambitious targets reflect growing optimism.
XRP’s Market Position
As the 7th largest cryptocurrency, XRP has shown signs of steady accumulation at current prices. Rising trade volumes match the bullish indicators. Institutional interest also continues to grow. Market data suggests increasing buyer confidence in XRP.
Conclusion
With technical indicators pointing to a surge and Dogecoin setting a precedent, analysts predict XRP is primed for major growth ahead. The economist’s forecast of $2 represents the bullish outlook driven by market momentum. As adoption expands, XRP seems positioned to see its own Dogecoin-like breakout.
