Potential XRP Correction: Dogecoin Trading at Optimal Level
A cryptocurrency strategist is sounding the alarm on two major altcoins that could be in for significant pullbacks after strong rallies this month.
Credible, a well-known trader, is cautioning his 473,800 followers on X that XRP, a payments-focused altcoin, might be due for a correction after completing a five-wave rally on the four-hour chart.
Using Elliott Wave theory, which suggests that assets correct or consolidate after a five-wave surge, Credible highlights the importance of XRP holding a key support level to keep its upward momentum.
As of now, XRP is trading at $1.37, down over 7% for the day but up around 180% this month.
Shifting focus to Dogecoin against Bitcoin (DOGE/BTC), the trader notes that the pair is currently at levels where a downside move is likely.
“If BTC doesn’t hold $94,000 and instead sees a correction back down into the $80,000s – then DOGE likely takes a big hit.”
At the time of writing, DOGE/BTC is trading at 0.00000431 BTC worth $0.42.
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