Carlos Fernandes Dogecoin made the headlines on Monday as it witnessed a significant rise of about 5%, in response to the news of Elon Musk transforming Twitter into X. This move has led market watchers to anticipate that the revamped platform will support cryptocurrency transactions. Conversely, XRP experienced a slump, hitting a ten-day low.
Dogecoin (DOGE)
The rebranding news of Twitter to X pushed Dogecoin to rise by almost 5% at the beginning of the week.
Following the declaration, Twitter’s CEO, Linda Yaccarino, shared her thoughts via a tweet, saying, “X signifies the future of infinite interaction – integrating audio, video, messaging, payments/banking – developing a global marketplace for thoughts, commodities, services, and prospects. With the assistance of AI, X will unite us in ways we are just starting to comprehend.”
DOGE/USD reached a peak of $0.07718 early in the day, rising from Sunday’s low of $0.07056.
DOGE/USD – Daily Chart
The chart illustrates that the jump followed a breakthrough at the $0.0760 mark, propelling the meme cryptocurrency to its highest value since May 6.
The relative strength index (RSI) managed to surpass its own upper limit of 63.00, standing currently at 65.46.
It’s likely that traders will aim for the $0.08000 level next.
XRP
Contrarily, XRP sunk to its lowest in ten days on Monday, indicating a recent shift towards a bearish market sentiment.
Following a peak of $0.7506 on Sunday, XRP/USD kicked off the week at a low of $0.6901.
This marks the lowest trading value of the token since June 13, when the price was under $0.5000.
XRP/USD – Daily Chart
The drop led to a decrease in the RSI, sliding below the limit of 57.00, and currently stands at 56.72.
If the index continues to dip below this point, bearish traders might aim to push XRP back towards $0.5600.
Register your email here to receive weekly price analysis updates directly to your inbox:
Weekly Technical Analysis Report
Sign up
Do you envision an XRP recovery in the days to come? Share your opinions in the comments.
Table Of Contents
Frequently Asked Questions (FAQs) about Dogecoin Surge
Why did Dogecoin surge by 5%?
Dogecoin’s price increased by approximately 5% following news that Elon Musk was rebranding Twitter into a new platform called X. Market speculation suggests that this new platform will allow users to make transactions using cryptocurrency, which likely boosted Dogecoin’s value.
Who is the CEO of the rebranded Twitter, X?
The CEO of the rebranded Twitter, known as X, is Linda Yaccarino. After the rebranding announcement, she stated that X represents the future of infinite interaction, integrating different mediums and even supporting payments/banking.
What led to the drop in XRP’s value?
XRP’s value dropped to a ten-day low as market sentiment appeared to turn bearish. After reaching a high of $0.7506, XRP/USD started the week at a low of $0.6901, marking its lowest trading value since June 13.
What is the projected target for Dogecoin traders?
Following the surge, traders are likely to target the $0.08000 level for Dogecoin, based on market trends and the relative strength index (RSI).
What could happen if the RSI for XRP continues to dip?
If the relative strength index (RSI) for XRP continues to drop, it’s expected that bearish traders might aim to push XRP back towards a lower value, potentially around $0.5600.
More about Dogecoin Surge
- Dogecoin Price Analysis
- Elon Musk’s Impact on Crypto Market
- Twitter Rebranding to X
- Current Status of XRP
- Relative Strength Index Explanation
4 comments
interesting how quickly the market reacts to musks tweets huh… talk about power!
Ouch…not a great week for us XRP holders. Hoping for a rebound soon!
Rebranding Twitter to X, huh? Sounds like a sci-fi movie… I hope they’ll keep the bird logo tho, love that little bird.
This is why we need decentralization people, one man shouldn’t have this much power in the market, just sayin.