XRP And DOGE Soar As The Market Consolidates: Analysis


XRP and DOGE soar as the market consolidates with investors inflating the prices of XRP and DOGE while DeFi takes a tumble. Also, due to the Wall Street chaos, the market suffered its worst week since October so let’s read more in our altcoin news today.

Other projects on the market from the DeFi space saw significant losses with fears swamping the market after the Gamestop fiasco. Over the weekend the crypto markets saw some big gains and big losses too. BTC spent the past day barely moving as it is down just 0.10% after the rally and the retreat of its price after Elon Musk switched his Twitter bio to “Bitcoin.”

doge 24hours
DOGE 24-hour Price Chart (Source: Coingecko)

Ethereum fared worse as it dropped 2.3% in the past 24 hours. The holders didn’t complain as the network spent almost the entire month with a closing price of $1000. As we go down on the crypto rankings by market cap, the losses and gains are both getting bigger. Ripple increased by 31% after a weekend of supercharged growth which has doubled the price of XRP. The theories on the growth suggest that it happened thanks to Ripple submitting a rebuttal to the SEC while others argue that it is because of “GameStop” and Telegram investors. XRP wasn’t the only one as the Dogecoin rally that was similar to the Gamestop one, continue its growth. Over the past 24 hours, it is up 40% with the project becoming the main topic in a few countries.

However, Projects like Uniswap, crashed by 8.6% after breaking all-time highs last week. Synthetix got down 6.6% as the other seven projects followed too. It’s weird to see the 50/50 split of gains and losses in the top 20 but some of the growth can be attributed to the project being eyed up by the institutional investors, EOS, Cardano and Polkadot seeing growth thanks to a return in the pump schemes. Tron is up 7% thanks to 7.7 million users and other projects getting sucked into the investor-cycle. GameStop and other companies were reigned by regulators which is not something that will stop the people from boosting the prices.

On Wall Street, it was a rough week as the GameStop rally dominated the headlines as the strong sell-off occurred and drove Dow, Nasdaq and S&P were down for the biggest part of the month. Tony Roth who is the CIO of Wilmington Trust commented:

 “There are a few things that are driving the sell-off. It doesn’t make a lot of sense for the lowest-quality stocks to take off in this manner.”

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