Market Analysts Warn About Potential Corrections for XRP and Dogecoin

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While fluctuations continue in the cryptocurrency market, warnings have emerged regarding XRP and Dogecoin (DOGE). These two altcoins, which have recently seen significant gains, may face deep correction movements according to technical indicators. Crypto strategist Credible highlights a high likelihood of a pullback for XRP after its five-wave upward trend. A similar warning has been issued for Dogecoin, suggesting it could depreciate if Bitcoin experiences a downturn.

Technical Outlook for XRP

Credible explains that XRP may enter a correction phase in the short term based on Elliott Wave Theory. According to this theory, assets typically experience consolidation or decline following a five-wave upward trend. The analyst emphasizes that XRP must maintain a critical support level during this period.

“This five-wave upward movement presents a clear bullish structure for XRP. However, a pullback process may commence after this surge,” stated Credible. For XRP to continue its upward trajectory, holding the $1.37 level is crucial; otherwise, a larger correction may occur in the market.

At the time of writing, XRP was trading at $1.37, reflecting a 7% decline. Despite this drop, XRP had recorded an impressive increase of up to 180% over the past month.

Interaction Between Dogecoin and Bitcoin

Dogecoin is trading at critical levels against Bitcoin (DOGE/BTC). Credible warns that should Bitcoin fall below the $94,000 mark, Dogecoin could take a significant hit. “If Bitcoin corrects down to $80,000, DOGE may experience serious value loss,” he asserted.

Currently, the DOGE/BTC pair trades at 0.00000431 BTC. This ratio indicates that DOGE struggles to gain upward momentum in the overall market. Analysts stress that Bitcoin plays a critical role in determining general market trends, urging investors to closely monitor BTC movements.

Market Dynamics and Investor Strategies

Movements of altcoins like XRP and Dogecoin significantly impact the overall cryptocurrency market. Experts highlight the need to closely track not only technical analyses but also general market sentiment. In volatile market conditions, investors should focus on risk management, making informed decisions by monitoring technical levels and market news.

In conclusion, the risk of corrections for XRP and Dogecoin remains. The movements of these altcoins may also affect other assets in the market. Investors should adopt a cautious strategy during this critical period.

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