Crypto analyst and economist Mikybull has asserted that a massive surge for XRP, similar to the recent rise of Dogecoin (DOGE), is underway.
Mikybull shared this optimism in a tweet on Monday. At the time, XRP’s price action was relatively stagnant, while Dogecoin made waves in the crypto market with its impressive price rally.
For context, on November 3, Dogecoin sold at $0.1428, but nine days later, it had surged 205.25%, reaching $0.4359.
Notably, Dogecoin hadn’t traded above $0.4 since June 2021. In less than two weeks, The meme coin added over $43 billion to its market cap, surpassing USDC stablecoin and XRP in market rankings.
With XRP seeing a less comparable surge, the gap between Dogecoin and XRP widened as the meme coin’s bull run continued.
Despite XRP’s underperformance during Dogecoin’s surge, Mikybull expressed optimism about XRP’s potential.
XRP Projected Price if It Rallies Like Dogecoin
He argued that XRP is setting the stage for a major rally, similar to Dogecoin’s recent rise, with a price target of $2 by the end of 2024.
At the time of the forecast, XRP was trading around $0.5925. Remarkably, it has since surged by 24%, reaching $0.7354. This marked its highest price in eight months.
However, the seventh-largest crypto asset faced resistance that has prevented it from reclaiming the $0.74 level, the yearly high it set earlier in March. As of now, XRP is trading at $0.674.
Market watchers are hopeful that, based on recent price action, XRP could soon break through the three-year resistance level of $1, possibly as early as Friday.
In a follow-up update on XRP’s price action, Mikybull reiterated his bullish outlook, stating that XRP is primed for a “giga send.”
He pointed to the breakout from the downtrend on the RSI as a key sign of strength. Mikybull reiterated that the recent movement only strengthens his conviction that XRP is set to rally in a manner similar to Dogecoin.
XRP Enthusiasts Push for Higher Price Target
While Mikybull’s $2 end-of-year target has garnered attention, some XRP enthusiasts are more ambitious. One such enthusiast, Gauda, argued that if XRP rallies like Dogecoin, it could soar to $20 rather than just $2.
Gauda pointed out that $2 would still be well below XRP’s previous all-time high, urging Mikybull to adopt a more optimistic outlook.
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