Can Dogecoin Take XRP’s Spot?

In the last few weeks, there has been uncertainty in the crypto market, but that has not stopped the likes of Dogecoin and XRP from making moves. One of the most notable developments, however, was the entry of Toncoin (TON) into the top 10 cryptocurrencies by market cap, and then dethroning Cardano (ADA). Following this, Dogecoin looks ready to carry out a flippening of its own, eyeing XRP’s spot on the list.

Dogecoin Gearing Up To Take Over XRP

Dogecoin has performed rather well at a time when the crypto market has remained indecisive. Even though there has been times when the price has dipped, it has managed to reclaim $0.2, although the majority of bearish resistance is being mounted at this junction.

Nevertheless, Dogecoin’s ability to hold most of its gains from March has seen its market cap increase rapidly. From less than $15 billion at the start of the year 2024, the meme coin’s market cap has now climbed above $28.6 billion, putting it dangerously close to the market cap of XRP.

At the time of writing, XRP’s market cap is sitting at $33.9 billion, spurred by the decline in its price over the last week. This means that the market cap of XRP is now only 15.6% higher than that of Dogecoin, a perilously small gap given how quickly prices of cryptocurrencies can rise.

In this case, if Dogecoin continues to perform well and XRP fails to keep up, it could easily lose the sixth spot on the list to DOGE. A 20% rise in the DOGE price to $0.24 would put its market cap above $34 billion, putting it ahead of XRP. And if XRP’s continues to fall, then the gap could tighten over the next week.

DOGE Price Projected To Explode

Dogecoin currently boasts one of the strongest crypto communities, and some would argue even stronger than the XRP army, as DOGE’s support base has strengthened due to its outperformance in the past. This support base and rapid adoption are two of the foremost factors that promise an interesting future for the meme coin.

There have been many predictions for where the future price of DOGE might be, with some going as high as $100. However, according to crypto Analyst Ali Martinez, Dogecoin could do quite well in this bull market. The analysis posted by Martinez reveals multiple price targets, with $12 at the top.

These targets, if they play out correctly, will see the DOGE market cap rise rapidly, and unless XRP pulls some equally bullish moves, it will soon be behind DOGE on the list of largest cryptocurrencies by market cap. But for now, both cryptocurrencies at maintaining their places with XRP in 6th position and Dogecoin in 8th position behind stablecoin USDC.

DOGE price recovers from dip | Source: DOGEUSDT on Tradingview.com

Featured image from FinanceBuzz, chart from Tradingview.com