Dogecoin Poised to Overtake Ripple as Elon Musk's X Payments Expands, Boosting DOGE's Prospects

Dogecoin (DOGE) could be poised for a surge as X Payments, a subsidiary of Elon Musk's X Corporation, secures more licenses in the US. Musk's known support for DOGE and the potential integration with X Payments have fueled speculation about the meme coin's inclusion as a payment option. With a current market cap of $23.10 billion, DOGE is close to surpassing Ripple (XRP), which has a market cap of $33.62 billion. XRP's ongoing legal challenges with the US SEC may hinder its growth, while DOGE's strong performance and correlation with Bitcoin could drive it above XRP in the current cycle.

Elon Musk's X Payments Expansion Bolsters Dogecoin's Rally Prospects, Threatening Ripple's Market Dominance

Amidst the cryptocurrency market's recent turbulence, Dogecoin (DOGE) has emerged as a potential underdog with promising prospects, propelled by the recent acquisition of three additional licenses for X Payments, a peer-to-peer payment division of X Corporation, headed by tech mogul Elon Musk.

This significant development marks a major milestone in X Payments' expansion, securing its operations in 22 states within the United States. Musk's unwavering enthusiasm for Dogecoin has fueled speculation that the meme-inspired cryptocurrency would eventually be integrated as a payment option on the platform.

While Musk remains coy about the official integration, his previous statements expressing his desire to incorporate DOGE into a social media platform have ignited optimism among the Dogecoin community.

Dogecoin Poised to Surge Past Ripple

The latest developments could potentially propel Dogecoin's market cap to unprecedented heights, challenging the dominance of established cryptocurrencies such as Ripple (XRP). As of press time, Dogecoin ranks eighth in terms of market capitalization, boasting a value of $23.10 billion.

Ripple, on the other hand, holds the sixth position with a market cap of $33.62 billion. To surpass XRP, Dogecoin must bridge a gap of approximately $10 billion in market capitalization.

However, this feat may not be as insurmountable as it seems. Dogecoin has exhibited exceptional performance in recent weeks, surging by an impressive 91.51% over the past 30 days. This meteoric rise stands in stark contrast to XRP, which has experienced a more modest gain of 13.13% during the same period.

Ripple's Regulatory Woes Weighing Down Performance

Compounding XRP's challenges, the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has cast a shadow over its growth prospects. As long as this lawsuit remains unresolved, XRP's ability to break free from its current constraints may be hindered.

Dogecoin's Technical Analysis Indicates Bullish Momentum

An in-depth analysis of Dogecoin's technical indicators reveals a bullish trend with strong momentum. The 0.236 Fibonacci level has served as a key support at $0.15. A potential breakout above this level could trigger a 27.92% surge, propelling DOGE towards $0.20.

The Moving Average Convergence Divergence (MACD) indicator further corroborates the bullish sentiment, indicating a positive trend with increasing buyer momentum. Should this momentum continue, DOGE could potentially overcome any resistance levels and reach a new yearly high.

Traders Cautioned Against Profit-Taking

It is crucial for traders to exercise caution and be aware of the potential for profit-taking, which could temporarily reverse DOGE's upward trajectory and lead to a retracement towards $0.13.

Ripple's Sideways Movement Likely

In contrast to Dogecoin's bullish outlook, XRP's technical analysis suggests a sideways movement may be in store. The cryptocurrency has been trading within a narrow range for an extended period, indicating a lack of clear direction.

Conclusion

The acquisition of three additional licenses by X Payments has ignited a wave of optimism for Dogecoin, potentially setting the stage for a rally that could propel it past Ripple in terms of market capitalization. Dogecoin's strong technical indicators and the support of its loyal community point towards a bright future.

However, traders should remain vigilant and monitor the market closely, as profit-taking and potential regulatory headwinds could impact the cryptocurrency's trajectory.