XRP, the native currency of the XRP Ledger (XRPL) developed by Ripple Labs, and Dogecoin (DOGE), the original meme coin, are experiencing significant drops in value according to recent developments in the daily chart. Over the past week, XRP has seen a decrease of 10% while DOGE has dropped by 13%. This decline puts XRP and DOGE in line with other falling assets like MATIC and SHIB, which have also experienced losses of 13% and 15% respectively. The sell-off of these altcoins is occurring despite positive fundamental developments in the crypto world.
The Fast-Falling Assets: XRP and DOGE Drop in Daily Chart
XRP and DOGE, two of the most popular cryptocurrencies in the market, have seen a significant drop in value over the past week. XRP is down 10%, while DOGE has fallen even harder, losing 13% in just seven trading days. These declines are noticeable when looking at the daily chart, and they are in line with other altcoins like MATIC and SHIB, which have also experienced considerable losses.
The Altcoin Sell-Off: XRP and DOGE Join the List
The recent sell-off of altcoins, including XRP and DOGE, is a notable trend in the crypto market. Despite positive fundamental developments, these altcoins are being sold at a relatively higher pace compared to other cryptocurrencies. This sell-off includes meme coins like DOGE and SHIB, as well as decentralized finance (DeFi) tokens. The sell-off seems to be impacting altcoins more drastically than other coins.
Traders Dumping DOGE and SHIB at Higher Pace, Altcoins Under Pressure
Traders are specifically dumping DOGE and SHIB, two of the most valuable meme coins, and DeFi tokens, at a higher pace than other cryptocurrencies. Apart from MATIC and XRP, which have already experienced significant drops in value, other notable coins like LidoDAO (LDO) and Uniswap (UNI) are also deep in the red. Despite being the dominant decentralized exchange (DEX), UNI is down 15%, and LDO is down 10%. This trend indicates that altcoins, including XRP and DOGE, are under immense selling pressure.
Bitcoin Falls, XRP and DOGE Follow Despite Positive Developments
The recent decline in XRP and DOGE prices is occurring even as positive news events surround these cryptocurrencies. XRP recently won a case in a United States court, confirming that it is not a security. This ruling briefly lifted Bitcoin to $31,800, but XRP has since fallen by 10% in the past week. Similarly, DOGE has experienced a drop in value despite the upcoming Mission DOGE-1, which will be fully paid for in DOGE and is set to take place later this year.
XRP and DOGE, two of the most popular cryptocurrencies, have experienced significant drops in value in recent days. Despite positive news events and developments, such as the court ruling in favor of XRP and the upcoming DOGE-1 mission, both coins have seen their prices fall. Traders are also dumping altcoins, including DOGE and SHIB, at a higher pace compared to other cryptocurrencies. This altcoin sell-off is impacting the market as a whole, with XRP and DOGE following the downward trend set by Bitcoin’s recent decline.
Analyst comment
Neutral news.
As an analyst, it is expected that the market for XRP and DOGE will continue to experience downward pressure due to the ongoing altcoin sell-off and the overall decline in the market. Traders are currently dumping altcoins, including XRP and DOGE, at a higher pace compared to other cryptocurrencies. Despite positive developments, such as the court ruling in favor of XRP and the upcoming DOGE-1 mission, both coins have seen their prices fall. It is likely that the downward trend set by Bitcoin’s recent decline will continue to impact XRP and DOGE.
