With Bitcoin’s relentless rally towards $100,000, XRP recently reached the psychologically significant mark of $0.60, which should ideally serve as a springboard for additional gains. However, investors are concerned because XRP is showing indications of a possible reversal rather than rising all at once.

XRP’s hesitation is unusual in light of current market conditions, which are seeing a rally in even smaller speculative assets. Although XRP had a lot of momentum in early November, the price chart indicates that the token appears to have found resistance near $0.60.

If greater buying pressure does not emerge for XRP, this level could indicate a potential reversal point. The recent rally may be coming to an end as technical indicators such as the Relative Strength Index (RSI) indicate that XRP is approaching overbought levels. Bitcoin’s current market dominance and its effect on other cryptocurrencies could cause XRP’s performance to lag. Leading altcoins like XRP usually follow suit during a bull market, when Bitcoin gains significant traction.

However, the lackluster reaction to XRP could indicate that the market is still cautious or that large holders (whales) are benefiting. The fact that the 50 and 200 day moving averages are below the current price indicates that there is substantial underlying support for XRP in the $0.54 to $0.55 range. This area can serve as a backup level in case the current rally falters. XRP could potentially avert a more severe correction and have a chance to rise with Bitcoin’s continued rise, if it can stay above this range and gain support.

Bitcoin aims higher

Bitcoin is aiming for the $200,000 mark and is currently on an incredible upward trajectory. Many investors are looking forward to Bitcoin breaking this next big barrier as its price continues to soar to new heights. As can be seen from the current chart, Bitcoin is currently moving in a strong upward channel, having crossed significant resistance levels. With high volume supporting this move and upward exponential moving averages (EMAs), Bitcoin’s momentum appears strong.

A strong foundation for future gains has been laid by the breakout of the previous consolidation phase and the rise above $80,000. With the 2023 update, the Bitcoin Rainbow Chart suggests that holding BTC is still sensible and there may be more room to continue this rally. The red band on this chart, traditionally used as a sentiment indicator, indicates a likely top and possible overvaluation.

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Since Bitcoin is still below this red zone, there is confidence that the current price level can continue for some time, while the upside potential is still present. According to another reliable Bitcoin indicator, the Two-Year MA Multiplier, a price peak of around $200,000 would be possible.

The final stretch of the bull market can be indicated by Bitcoin moving towards the red line in this model, which generally corresponds to market peaks in previous cycles. While it is speculative to predict precise percentages, the current trend and robust technical indicators give Bitcoin a decent chance of reaching $200,000, possibly between 40 and 50%, provided institutional interest, macroeconomic factors and favorable market conditions persist. However, investors should be careful as volatility can quickly change the course of events.

Dogecoin ensures explosive growth

Dogecoin has seen a massive revival, achieving a massive increase in market value of $30 billion in just one week. With Dogecoin leading the way, this explosive growth highlights the meme coin’s continued influence on the cryptocurrency market. The number of wallets with less than 100,000 DOGE has increased significantly in recent weeks on Dogecoin.

Notably, 74,885 new wallets were added, indicating strong retail interest. The retail industry’s growing confidence in DOGE, a crucial part of maintaining upside momentum, is indicated by this influx of smaller holders. However, the so-called sharks and whales, who are larger investors, have reduced their holdings over the past month, and there has been a net decrease of 350 wallets.

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Despite this, 108 whale portfolios have returned to the market in recent days, which may have contributed to the rally that saw DOGE reach $0.40, a level it has not reached in more than three years. Dogecoin has clearly entered a strong bullish phase, according to an analysis of its price chart. The price has soared, reaching heights reminiscent of the previous highs of early 2021.