Price Warnings for Ripple (XRP) and Dogecoin (DOGE) Investors: Details

Market Correction Amidst Recent Gains

The cryptocurrency market experienced a substantial revival on Monday, with numerous assets posting impressive gains, including DOGE and XRP. However, the tides have turned, perhaps expectedly after such a rally, and both assets have flashed red now. Moreover, there are some worrying signs about further corrections.

XRP's Performance and Potential Downturn

XRP outperformed the rest of the larger-cap alts during the weekend, closing on Sunday with a 12% surge. It kept climbing on Monday and tapped a multi-week peak of $2.65. This significant increase was perhaps driven by the positive developments within the company behind the asset and came despite the growing sell-offs by whales. Although XRP’s run was stopped there, it still trades above $2.60 as of press time.

However, analyst Ali Martinez noted that the TD Sequential, a metric used to determine whether the underlying asset has reached an exhaustion point in each direction, had flashed a sell signal, which could lead to an immediate retracement.

Dogecoin's Decline and Whale Activity

The landscape around Dogecoin is identical as the OG meme coin posted notable gains during the weekend and challenged the $0.22 resistance. However, its 24-hour decline has been more painful. After getting rejected at that level, the asset has slumped by nearly 5% and is now just inches below $0.20.

Aside from the overall market-wide correction, another possible reason behind today’s drop is the behavior of whales. Martinez noted that such large market participants have been on a selling spree, disposing of 500 million tokens within the span of just a week.