Making sense of XRP’s increase from $0.40 to $1.60 and Dogecoin’s surge

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These two altcoins seem to be immune at the moment. DOGE’s price surge has been no easy feat for a mere meme coin to rank as a top altcoin (ranking 8th in terms of market capitalisation). Another altcoin that is on everyone’s mind is XRP – an altcoin that many in the ecosystem had written off due to Ripple’s problems with the SEC.

In reality, when the news broke, the coin lost half of its value in 48 hours. However, XRP’s four-month increase from $0.40 to $1.60 leaves many perplexed.

In an interview with Bloomberg, CEO of Galaxy Investment Partners, Mike Novogratz commented on the two popular altcoins. Novogratz stated that people should take into consideration the volatility when investing in cryptocurrencies. He reiterated that “we expect volatility”.

Drawing similarities between DOGE and the recent Gamestop (GME) stock price rise, Novogratz stated:

“It is a meme coin..it doesn’t really have a purpose.”

In addition, Novogratz reported that he “would be very concerned if one of his friends were investing in Dogecoin at these prices.”

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DOGE’s market capitalisation of $38 billion helps to distinguish it from the majority of altcoins. DOGE trade volume is influenced by the top DOGE markets on Binance, Huobi Global, and Kraken. As altcoins like LINK, DOT, LTC, and ETH and their technological enhancements have a basis for their price increases, DOGE’s detractors are unavoidable.

In comparison, DOGE’s price increase is not backed by technological or fundamental research. DOGE HODLers have owned the altcoin for less than a month, and although HODLing for a short period of time, almost all are lucrative.

Novogratz also addressed the latest price increase in XRP. He characterised the latest price spike from $0.40 to $1.60 in a month as a “retail frenzy,” adding that “it doesn’t make a lot of sense to me” as he described the sell-off of big cryptocurrencies including ETH and BTC through altcoins.

Novogratz took to Twitter just a few hours ago to comment on the alt protest. He traced the growth of specific altcoins to Coinbase’s announcement of direct listing. He said, ”

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