Market intelligence platform Santiment points out an important metric confirming that XRP and Dogecoin still have more room for growth.
Santiment latest analysis calls attention to the Mean Dollar Invested Age (MDIA), which has been flashing bullish signals for XRP and Dogecoin. Despite the market experiencing a notable downturn, Santiment believes the metric supports the continuation of a long-term bull trend.
MDIA Bullish for XRP and DOGE
The MDIA represents the average age of all invested dollars in a specific asset. A declining MDIA, as seen in XRP and Dogecoin, indicates that investors are reactivating previously dormant coins. This increase in activity points to a renewal in market optimism and a healthy network.
Santiment data reveals that XRP MDIA has decreased by 22% over the past 14 weeks, now sitting at 865 days. For Dogecoin, the decline is more substantial, dropping 31% to 370 days in eight weeks.
Such downward trends in MDIA occur in bull markets, as observed during the 2017 and 2021 crypto rallies, and indicate that the bull run is still intact. According to Santiment, during the 2017 and 2021 bull markets, the uptrend did not end until the MDIA began increasing.
The market intelligence resource noted that while short-term price fluctuations may persist, these MDIA trends show a strong foundation for future price gains. As long as the MDIA keeps declining, the likelihood of a prolonged bull market for XRP and Dogecoin remains high.
XRP Resumes Bullish Momentum
Interestingly, XRP is already showing resilience amid the recent market challenges, largely due to the imminent launch of Ripple RLUSD stablecoin.
Ripple CEO confirmed regulatory approval for the project, which had been operationally ready for some time. Notably, this indicates that the only impediment stopping the launch has cleared, and Ripple could roll out the stablecoin any day.
This development has rejuvenated investor confidence, contributing to a 7.9% rebound in XRP price within 24 hours. CrediBULL, a prominent crypto analyst, highlighted XRP strong price momentum, calling it one of the cleanest impulsive price action charts in market.
Off to a solid start 👀
There are almost NO coins in the space right now that have printed such clear impulsive PA on their rises as $XRP has done thus far.
Arguably the cleanest chart in the space atm when trying to identify impulsive/corrective PA.
The clarity with which we… https://t.co/4KpVDowBl3 pic.twitter.com/pF8rGCX7Kx
— CrediBULL Crypto (@CredibleCrypto) December 10, 2024
The analyst predicts XRP will outperform most assets in the coming months. Following its corrective phase, CrediBULL expects XRP to enter another major price surge, potentially pushing it to double-digit levels.
Dogecoin Setting up for Gains
Meanwhile, Dogecoin has struggled to recover, experiencing a 3.76% drop over the past 24 hours. However, its MDIA decline shows active participation from long-term holders, a precursor to major price movements.
Market watcher Charting Guy predicts that Dogecoin consolidation phase will conclude within ten days, setting up the stage for a rally to its all-time high. He presented a fractal analysis that aligns with historical patterns from previous cycles.
$DOGE last cycle fractal update‼️
consolidation/chop should be over within 10 days or so if we continue to follow this
next move should take us to ATH📈
imo, we are in the final moments to accumulate alts at decent prices, don’t let the blood scare you, get greedy https://t.co/RLRAKO6sTl pic.twitter.com/hkqDydCVGB
— Charting Guy (@ChartingGuy) December 10, 2024
Also, crypto trader Rose provided a trade setup for Dogecoin, suggesting a potential price surge to $0.70 or even $0.99777. The analyst advised investors to watch for bullish signals around $0.34321 while maintaining disciplined risk management due to Dogecoin’s volatility.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
