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Popular crypto trader known by the nickname "DonAlt" recently shared an updated outlook on the price performance of two of the most hyped alternative cryptocurrencies right now: Dogecoin (DOGE) and XRP.
These two popular cryptocurrencies have gained over 140% each since at least the beginning of the month, and despite already having tens of billions of dollars in assets, have emerged as the biggest winners in the altcoin space as Bitcoin updates historic highs almost daily.
Gamza KhanzadaevHowever, DOGE and XRP do not go "band for band" in their price performance, as, for example, the latter gained 37% more in the last two days, while the former can only boast 8.8% gains.
This kind of divergence caught the attention of DonAlt, whose posts recently touched on the issue of Dogecoin and XRP. In his outlook and attached price chart, the trader outlined a possible scenario in which the price of DOGE could follow the pattern shown by XRP over the past two days.
The trader's conviction is based on the behavior of two assets that have entered an accumulation phase after a rapid price spike. If XRP has already passed this stage with a stunning performance in the last two days, DOGE's price is still stuck in a tight range, with several failed breakout attempts.
DOGE and/or XRP?
If the trader is correct in his assessment and the DOGE bulls prove their ambitions, we may see this scenario come true and the two altcoins reach new local highs in synergistic action, as they did earlier this month.
Godfrey BenjaminHowever, this is not set in stone, and despite being in the spotlight, nothing connects the two old-timers of the crypto market. Thus, even if XRP rises or DOGE fails, it does not necessarily mean that one will follow the other. On the other hand, there is definitely a place for some kind of convergence, and that is something to look at.
Yuri Molchan
Godfrey Benjamin
Dan Burgin
Alex Dovbnya