When bitcoin (BTC-USD) strengthened considerably in the last few trading sessions, which cryptocurrency will rally next?
Bitcoin gained unexpected momentum ahead of the U.S. government shutdown threat. When that cleared, for the first time in history, House Speaker Kevin McCarthy was voted out. Crypto investors may look at Bitcoin again amid the chaos circling the House and its Republican leadership.
Chances are increasing that XRP prices could finally break out of its 50-cent range. XRP traded as low as around 34 cents late last year at the height of the crypto winter. In July, the rally to over 80 cents proved short-lived. However, XRP is building an uptrend that began on Sept. 10.
Shiba Inu – Dogecoin – is the next crypto to watch. In the last year, DOGE peaked at over 14 cents. Every rally since then was lower than the last. By August, DOGE failed to trade above 0.066. At a market capitalization of $8.57 billion and ranked 9th, watch for an unexpected rally in Dogecoin.
For XRP or DOGE to form an uptrend, it will first need leadership from Bitcoin. Without that, any rally may play out only briefly. The market is receptive to alternative cryptocurrencies on the market. Bitcoin is the bell-weather while DOGE and XRP could follow.
