The Dogecoin price is currently correcting after two weeks of intense price upticks that saw it reach $0.426 for the first time since its massive 2021 bull run. However, as is normal after such a crazy rally, the Dogecoin price now seems to be undergoing a brief correction as a few holders start taking profits or exiting their positions overall. Notably, the Dogecoin price is down by 8.5% in the past 24 hours and 13% since it reached $0.426.

Interestingly, this correction was called by a crypto analyst on social media platform X. According to crypto analyst Kevin, recent Dogecoin price action has led to the creation of a weird Dogecoin symmetrical triangle pattern, which could either lead to a correction or a continued upside move.

Analyst Says Symmetrical Triangle Favors Price Correction

Dogecoin has begun consolidating, which is quite normal before the continuation of a rally. As crypto analyst Kevin noted using the 1-hour candlestick timeframe, Dogecoin has been consolidating since November 12. This consolidation has been characterized by the creation of lower highs and higher lows, giving rise to a symmetrical triangle pattern. 

Considering that it is coming from a bullish move, the symmetrical triangle has the highest chance of breaking to the upside. However, the analyst noted that there’s a higher chance of correction, especially due to the daily Relative Strength Index (RSI) signalling an overbought condition above 90. At the time of his prediction, Dogecoin was trading around $0.39. Since then, its price has declined further, reinforcing the case of a correction.

In the event of continued downward movement, Kevin identified a key support zone between $0.30 and $0.26, which aligns with the golden pocket retracement levels. This range represents a potential 30-40% correction from Dogecoin’s recent top at $0.426. “That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction,” he said. 

Keeping in mind the lingering bullish sentiment, Kevin acknowledged in a follow-up post that the Dogecoin price could defy his expectations, and he might be wrong about the consolidation leading to a major correction. 

He suggested the possibility that the symmetrical triangle might actually be a bull flag pattern, which is more typically associated with bullish breakouts. If this is the case, the pattern could pave the way for an upward breakout that would drive the Dogecoin price toward a guaranteed target of $0.90.

Current State Of Dogecoin Price

At the time of writing, Dogecoin is trading at $0.37, having decreased by 8.5% in the past 24 hours. Nevertheless, Dogecoin is still on track to finish November with the best monthly gains in over three years. The next few days will be crucial in determining how this plays out; whether the consolidation phase resolves with a sharp correction or a rally to new highs. 

Featured image created with Dall.E, chart from Tradingview.com

The XRP price has just had its biggest 24-hour surge in years to reach its highest level in over two years. Particularly, XRP surged by about 22% in a few hours to reach $0.8386. This intriguing surge has brought into focus XRP’s potential to challenge the narrative of it being dead. 

Ironically, this XRP surge is tied to SEC Chair Gary Gensler. This is because the SEC Chair recently made an announcement hinting at what seems like a looming resignation, which seems to have fueled optimism among crypto investors.

Why Did XRP Surge Amidst Market Corrections?

SEC Chairman Gary Gensler, known for his crackdown on Ripple, XRP, and the entire crypto market, made an announcement today regarding his role in the commission. Interestingly, his remarks carried the tone of a farewell speech, reflecting on his journey with the SEC and its staff while hinting at a departure. 

This doesn’t come as a surprise, as president-elect Donald Trump has made it a part of his campaign to fire Gensler after he’s sworn into office to appeal to crypto investors. Also, it aligns with the tradition of heads of institutions like the SEC to resign down when a new administration from a different political party takes office.

BREAKING: Gary Gensler releases statement suggesting he may be leaving the SEC 🇺🇸 pic.twitter.com/ROgYcxk02N

— Bitcoin Magazine (@BitcoinMagazine) November 14, 2024

Beyond the recent remarks by Gary Gensler, the XRP price has also gained momentum from a favorable ruling for Ripple in its ongoing dispute with the SEC. US Judge Phyllis Hamilton recently granted a joint motion for entry of judgement of the plantiff’s claims. Basically, what this means is that the Court has granted Ripple’s request for a hold on individual state law claims until a resolution could be achieved. This ruling represents another minor victory for Ripple as the legal battle stretches on, with a trial date now set for January 21 of next year.

What Does A Gensler Resign Mean For XRP?

The latest XRP rally is a tease of what’s in store for the XRP price in the longer term if Gary Gensler eventually leaves his position as Chairman of the SEC. Firstly, Gensler’s resignation could influence the trajectory of the Ripple-SEC lawsuit. A new SEC chair with a more crypto-friendly perspective might withdraw the appeal against Ripple, essentially removing a great burden that has slowed down XRP price growth. 

Beyond the Ripple case, Gensler’s departure could signal a broader shift in the SEC’s regulatory approach to the crypto industry. US president-elect Donald Trump has said he wants the US to be the ‘crypto capital of the planet’. This misson would undoubtedly be reflected through the SEC. This could result in the approval of more exchange-traded funds (ETFs) based on cryptocurrencies, including XRP. 

At the time of writing, XRP is trading at $0.81.

Featured image created with Dall.E, chart from Tradingview.com

Ripple CEO Brad Garlinghouse has linked the recent surge in XRP price to growing optimism about regulatory clarity in the U.S. In an interview with FOX Business, Garlinghouse emphasized the importance of a more balanced approach to crypto regulation under the new administration. He noted that U.S.-linked cryptocurrencies, including Solana (SOL) and Cardano (ADA), have experienced significant growth since Election Day.

Ripple CEO Lauds Trump as a “Crypto President” Amid XRP 70% Surge

Ripple CEO Brad Garlinghouse described the post-election environment as transformative for the cryptocurrency sector, crediting pro-crypto policies for the 70% rise in XRP value. The CEO referred to President-elect Donald Trump as a “crypto president,” praising his openness to blockchain innovation and entrepreneurship.

Brad remarked, 

“The crypto industry has embraced Trump, Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship and I’m very excited about what the future holds.”

Garlinghouse highlighted that U.S.-linked crypto assets, such as XRP, SOL, and ADA, have outperformed other tokens due to the expected easing of regulatory pressure. He attributed the rally to reduced constraints from the U.S. Securities and Exchange Commission (SEC), whose actions had stifled growth. The Ripple CEO stated,

“The United States SEC has been manipulating and putting pressure on these US companies, US technologies, and now that pressure comes off and they explode upwards.”

XRP Price Rally Amid Bullish Sentiment

The XRP Price has reached a two-year high of $0.9193, driven by market optimism and key developments like Robinhood’s relisting of the token. Analysts suggest this surge aligns with a breakout from a symmetrical triangle pattern, signaling strong bullish momentum.

Market sentiment has also been boosted by a wave of institutional interest and increased trading activity. XRP is now approaching a critical resistance level at $1.00, with analysts forecasting further gains if this barrier is breached. Projections indicate a possible XRP price prediction of $1.5.

Whale Activity and Institutional Interest Drive Derivatives Market

In addition, the derivatives market for XRP has experienced a surge in activity, with open interest rising by 13% to $1.5 billion. This uptick is attributed to increased whale activity, including a transaction involving 60 million XRP worth $52.8 million. Such movements often suggest institutional trading or large-scale investment strategies.

🚨 🚨 🚨 60,000,000 #XRP (52,820,542 USD) transferred from unknown wallet to unknown wallethttps://t.co/ctufJ8AtVl

— Whale Alert (@whale_alert) November 15, 2024

Moreover, trading volume saw a sharp increase, climbing 25% in the past 24 hours to $11.70 billion. These metrics underscore growing speculative interest and optimism about XRP future performance in a more favorable regulatory environment.

More so, Ripple CEO expressed enthusiasm about the shifting regulatory landscape citing ongoing lawsuits and challenges. He welcomed the involvement of 18 state attorneys general who filed a lawsuit accusing the SEC of overreach in crypto regulation.

At press time, XRP is trading at $0.89, marking a 14% increase in the last 24 hours. The trading volume surged to $11.65 billion while the market cap stands at $50.80 billion.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.