Monday, November 28, 2022

XRP And DOGE Outperform As Crypto Markets Decline

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XRP and DOGE outperform the rest of the market as it continues to decline and XRP’s rise came amid the positive sentiment as Ripple founder said his company is winning against the SEC so let’s read more today in our latest cryptocurrency news.

XRP and DOGE added another 6% each in the past day as other catalysts include the powered purchases of the two tokens amid the weak crypto marekt. The total cap of the marekt according to CoinMarketcap dropped by 2.8% to $1.87 trillion and the BTC dominance ratio and the share of the overall market cap slipped to 40.7%.

xrp price
XRP rose above resistance levels on Friday. (TradingView)

XRP’s rise came amid the positive sentiment for the payment token as Ripple founder Brad Garlinghouse said that the current defense against the lawsuit brought by the US SEC was going so much better than expected. Ripple which uses XRP in its payment protocol disputed the SEC contends that the token was issued and sold unregistered security to the US investors. XRP broke over the resistance at $0.75 during the Asian hours on Friday before retreating and if the current buying power continues, the tokens will regain the 0.82 and above these levels. The positive proceedings caused a huge surge in the XRP price as investors saw the ending of the legal case as a bullish sign. For example, XRP increased by 22% after important documents related to the case were ruled to be unsealed.

At the same time, DOGE’s rise came as the TEsla CEO offered to take over the entirety of the popular social media platform while Musk holds a 9.2% stake and offered to take Twitter private. As both XRP and DOGE outperform, the latter rose to the resistance of 15 cents and the price charts show that the current price action can see DOGE continue the broader uptrend since March where the prices increased from the $0.11 mark.

doge price
DOGE hit resistance after a surge on Friday morning. (TradingView)

Musk’s involvement in Twitter is not directly related to DOGE but some analysts speculated that Musk has backed DOGE in the past and can integrate the token in some capacity on Twitter. The Chief Marketing Officer at Kryptomon Tomer Nuni said:

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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