Dogecoin has once again rebounded at support around $0.31 in the past 24 hours. This rebound comes after a 10-day decline that saw it erase most of its gains in the first half of the month. However, the bulls have been able to defend the $0.31 support level once again to prevent further price declines. 

With the successful rebound now looking like it is done, the next question is whether it can sustain this positive momentum and break above the $0.4 mark, leaving the $0.3 range behind for good. According to an analyst on the TradingView platform, the combination of Elon Musk’s influence, technical indicators, and trends in the broader crypto ecosystem means Dogecoin will shoot above this level soon. 

Dogecoin Price Pump Above $0.4 Is Imminent

Dogecoin is yet to sustain a strong decisive move above $0.4 this market cycle and has spent the most time ranging between $0.3 and $0.4. According to insights by crypto analyst MadWhale, this could change soon with recent market dynamics surrounding Dogecoin’s role in the crypto industry. 

Number one, Dogecoin has gained significant prominence alongside billionaire Elon Musk. Musk’s vocal support has increased Dogecoin’s position from just the most prominent meme coin among thousands, making it a staple in his business ventures. His upcoming blockchain-powered payment platform, XMoney, is set to integrate the meme coin across his companies, including Tesla and SpaceX. This initiative could increase the demand for DOGE and further solidify its relevance in Musk’s ecosystem outside the crypto industry.

In addition, Musk’s connection with Donald Trump and their shared engagement with cryptocurrency has drawn renewed attention to the sector before and after the US elections. This collaboration has increased interest among cryptocurrencies, with Dogecoin being one of the primary beneficiaries of this surge in interest.

Technical Indicators And Market Momentum Indicate Pump Above $0.4

From a technical standpoint, analysts have predicted various bullish price targets for Dogecoin using technical indicators and market cycles. This sentiment was also echoed in the analysis of DOGE’s pump above $0.4. A decisive break above the upper trendline of its current channel would solidify the bullish outlooks, even if it were to retest the trendline.

Lastly, Dogecoin is tied to broader trends in technology and the crypto space and is in a prime position to benefit from the booming artificial intelligence industry. This rise of artificial intelligence is expected to influence cryptocurrency trading and market dynamics moving forward. Given Musk’s active role in both artificial intelligence and crypto, Doge could benefit from AI advancements and see Dogecoin become integrated into the combination of the two industries. This, in turn, could be the last push needed to sustain a move above $0.4 and reach a new price all-time high above $0.7316.

At the time of writing, DOGE is trading at $0.33 and is up by 6% in the past 24 hours.

Featured image from Adobe Stock, chart from Tradingview.com

The potential inclusion of XRP in the US Strategic Reserve has sparked intense debate, with experts sharply divided on the matter. While proponents like Ripple CEO Brad Garlinghouse recommend a diversified US strategic reserve, Bitcoin maximalists vehemently oppose the idea.

Since the 2024 Bitcoin Conference in Nashville, the community has eagerly awaited the US adoption of a strategic Bitcoin reserve. The recent executive order from President Donald Trump to develop a national digital asset stockpile has significantly intensified excitement. However, the focus shifted to a possible XRP reserve following Garlinghouse’s crucial statement.

Community Divides over US Strategic Reserve: XRP or Bitcoin?

In his X post, crypto influencer Scott Melker, also known as The Wolf of All Streets, commented on the possibility of an XRP reserve in the United States. Reiterating his previous views, Melker stated, “I don’t share rumors unless I hear them from multiple, reliable sources.”

However, Bitcoin enthusiast Wayne Vaughan strongly rejected the notion of an XRP reserve, warning that “including anything other than Bitcoin would have serious negative consequences.” Another popular Bitcoin figure known on X as AP_Abacus shared an anonymous but uniquely connected comment on the XRP reserve. The comment suggested that XRP’s attempts to join the US reserve are ultimately doomed to fail, as Bitcoin remains the undisputed focus.

Ripple’s Alleged Efforts to Hail XRP as US Reserve

Further, Scott Melker substantiated his claims by referring to American entrepreneur Jack Mallers’ controversial statement about Ripple.

Recently, Mallers alleged Ripple of “undermining American prosperity and freedom,” by trying to block the US Bitcoin strategic reserve. Describing Ripple’s act as “corporate lobbying disguised as innovation,” he stated that Ripple is spending millions to include XRP in the US strategic reserve.

The topic of the XRP reserve comes amidst recent developments in the Ripple-SEC lawsuit, with the crypto extension filing for an extension to file its brief. Meanwhile, Gary Gensler’s resignation and the recent developments within the SEC have sparked excitement in the community, anticipating a conclusion to the ongoing legal battle.

Brad Garlinghouse’s Theory of Diversified Strategic Reserve

Notably, the idea of an XRP reserve has surged following a significant statement by Ripple CEO Brad Garlinghouse, who discussed the potential for a diversified strategic reserve. However, Garlinghouse didn’t solely advocate for XRP as a reserve asset but proposed a blend of various digital assets. Garlinghouse stated,

I own XRP, BTC, and ETH, among a handful of others – we live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a govt digital asset reserve is created – I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).

Donald Trump’s Strategic Bitcoin Reserve

During his election campaigns, Donald Trump proposed a strategic Bitcoin reserve, gaining widespread traction. Influenced by Trump’s progressive approach, global powers like Bhutan, Hong Kong, Germany, the Czech Republic, and many more are embracing a similar stance.

However, as Trump hasn’t unveiled his decision on the Bitcoin reserve after his inauguration on January 20, the community remains anxious. The recent focus shift to an XRP reserve has further escalated the debate around the future of cryptocurrency reserves in the US.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.