Dogecoin Mimics XRP's Price Action, Suggesting a Potential Surge to $1

An expert trader believes Dogecoin is the “budget version” of XRP, suggesting the price of DOGE could follow the same uptrend XRP recently witnessed.

An experienced market expert has drawn attention to the striking similarity in price movements between XRP and Dogecoin, suggesting that DOGE could follow the same uptrend recently observed with XRP.

This observation, made by DonAlt on X, is further supported by data from two accompanying charts, showcasing how XRP and Dogecoin have followed a parallel price trajectory since early November amid political developments in the U.S.

Dogecoin and XRP Displaying Similar Price MovementsFollowing the latest U.S. presidential election on Nov. 5 and the news of pro-crypto candidate Donald Trump emerging victorious, Dogecoin was among the earliest beneficiaries of the favorable market trend.

This was partly attributed to Elon Musk's contributions to the Trump victory. Dogecoin experienced a remarkable surge, climbing from $0.1513 on Nov. 5 to a peak of $0.4389 on Nov. 12, a level not seen since June 2021. The coin's value surged by a massive 190% within a week.

However, following the $0.4389 top, Dogecoin encountered significant resistance, dropping to a low of $0.3401 five days later. Despite this pullback, the bulls demonstrated resilience, defending the $0.34 territory and preventing any steeper decline.

This battle between bulls and bears resulted in an impasse, with Dogecoin largely consolidating between $0.34 and $0.43 for up to ten days. During this consolidation phase, multiple analysts anticipated an imminent breakout soon.

Interestingly, the daily XRP chart reveals that XRP followed a similar price trajectory as Dogecoin within the same timeframe earlier in the month. For instance, XRP rallied 150% from $0.5033 on Nov. 5 to a three-year top of $1.26 on Nov. 16. After this high, it also faced consolidation.

However, unlike Dogecoin, XRP only traded within a range for four days. By Nov. 21, the altcoin recorded an impressive 12.86% intraday gain, allowing it to surpass the previous high and has continued to spike since then, especially following SEC Chair Gary Gensler's resignation note.

DOGE Poised to Mimic XRP Breakout?DonAlt's commentary suggests that Dogecoin is positioned to record similar price movements. At the time of writing, DOGE has already broken past the previous $0.4389 peak, having surged to a top of $0.4653 earlier in the morning. This bullish move already sets the stage for a rally that follows XRP's path.

A structure that further supports the idea of both tokens moving in the same trajectory is the formation of a bull flag on both daily charts. This pattern forms when an asset skyrockets sharply and then faces consolidation. It suggests that the previous uptrend would continue once the consolidation breaks.

Notably, since it broke out of its consolidation, XRP has gained 34.57% within three days, currently trading for $1.50. A similar push for DOGE would see the meme coin spike to $0.56. However, most analysts expect more substantial surges toward the $1 level and beyond. DOGE now trades for $0.4706, up 13% today.

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