Pepe, Ripple and Dogecoin Crypto Analysis

On the Ripple front, in addition to the classic promotional activities that the company carries out on social media to make its products and services known to the public, the main news concerns the publication of the quarterly report for the first quarter of 2023 for the XRP cryptocurrency.

The document covers sensitive topics such as the global regulation of crypto assets, the developments and improvements made to the open source XRP ledger blockchain, as well as some technical and economic-financial data related to the Ripple token.

Finally, there is no news to report on Dogecoin, Tesla and Twitter CEO Elon Musk‘s favourite crypto. 

At most, we can mention this tweet published by the official Dogecoin account, which alludes to a rivalry between anti-innovation boomers who want to maintain their hegemony over the world and new technologies and robots that could potentially replace those same boomers and human labour, but not in terms of the ability to put on trousers!

The irony continues in the comments section of the tweet, where some users claim that robots do not wear trousers.

Market analysis for the crypto Pepe (PEPE), Ripple (XRP) and Dogecoin (DOGE)

Moving on to price analysis, which is much more interesting today than the news front, let’s take a look at how the cryptos Pepe (PEPE), Ripple (XRP) and Dogecoin (DOGE) are performing graphically.

Let’s start with the price of PEPE, a crypto that has literally “gone to the moon” in recent days, and just today hit a new all-time high on Uniswap at 3am Italian time, at a price of $0.00000233 per token.

At the time of writing, the crypto depicting the famous ‘Pepe the Frog’ meme is once again attacking the highs and currently stands at $0.00000215.

The market capitalization has reached the figure of $895 million, a crazy figure considering that PEPE was only born on the 15th of April and is a cryptocurrency with no purpose and no intrinsic value.

This last detail is not the result of a personal opinion, but was announced by the cryptocurrency team itself, which recommends on its website not to expect any financial return from buying PEPE.

This makes one quite smile if one takes a look at PEPE’s graph.

Turning to a token with more sobriety and less euphoria, we can look at the chart of XRP and see that the price is perfectly balanced between a bullish and a bearish scenario in the short term.

The crypto currently has a value of $0.459 per token and a market capitalisation of $23.8 billion.

After forming a “bart”’ pattern, named after the famous character from The Simpsons cartoon, prices converged below the fast 10-period average (daily time frame) and simultaneously above the slower 60-period average. 

The situation is therefore stalled: even when looking at the situation over longer periods, there are no technical indicators that can be used to predict the future price of XRP. 

The best solution in these cases is to wait for a break on either side and only open positions after confirmation.

Finally, looking at DOGE, which has been PEPE’s nemesis for a few days now, the situation seems to be bearish, with low volumes and bearish crosses of the 10 and 60 period averages on the daily timeframe.

The crypto’s current value is $0.078 per token, with a market cap of $10.9 billion.

It is likely that most DOGE traders have temporarily moved on to other markets such as PEPE or the BRC-20 token market on the Bitcoin blockchain, both of which are experiencing hype.

It may be some time before we see extreme price spikes in DOGE again.

New all-time high for PEPE: could it be the next Doge Killer?

PEPE’s exponential growth is prompting many people on Twitter to name the anthropomorphic frog-based crypto meme as the next Doge Killer to replace it.

It is difficult to make such predictions given the volatility of the crypto market and the tendency of memecoins to defy every existing rule of the financial markets.What we can do is refer to objective data: in order to reach the same market capitalization as DOGE, the crypto PEPE would have to make an additional X12 from its current price, according to data from “Marketcapof“.

It is not impossible to believe that this will happen, but it is unlikely at the moment, as PEPE has already been pumped up quite a bit since its recent arrival on the market. 

Perhaps PEPE the frog could overtake DOGE the dog in the near future, probably in a few months/years, with the more likely scenario being traders taking advantage of the exponential rise in the value of crypto.

Remember that markets are a zero-sum game: if someone makes a lot of money, someone else loses just as much.

Be very cautious about positioning yourself on such extended charts, even if there is still the possibility of further gains.

The prudent thing to do in such cases is to relax, do some maths on the risk management side and calculate the risk/reward ratio of the trade you are thinking of executing.

On the more technical on-chain side, it is interesting to note this tweet from “lookonchain” showing how a trader who made a stellar profit on SHIB in 2021 is moving part of his main holding (SHIB to be precise) into PEPE. 

Following the movements of the whales can be a trump card for predicting the next short-term movements of cryptocurrencies, as long as this data is correlated with other variables that are part of the study of technical and fundamental analysis.