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As the market is going through a volatile period, XRP, Bonk and Dogecoin are in the news for various reasons. XRP is raising new hopes among investors after a partial victory over the SEC, even as the shadow of a possible appeal still looms. Bonk, an emerging player in the Solana ecosystem, and Dogecoin, the token character of memecoins, are struggling to maintain their technical support in the face of uncertain market dynamics.
Legal victory under supervision
New developments around XRP strongly marked the crypto news, especially after its partial victory in the clash with the US SEC. So the court’s decision, which could still be challenged if the SEC appeals before October 7, gives Ripple a temporary reprieve. This victory supports the optimism of investors. But an important question remains: will the lack of reaction from the SEC be enough to sustain this momentum?
Despite this ongoing legal battle, the value of XRP has stabilized above $0.59. In the case of a bullish scenario, bullish forecasts suggest targets between $0.73 and $0.94. However, the market remains divided on the long-term outlook, with critical support levels around $0.58 and, at worst, a possible decline towards the $0.48-$0.50 zone.
Bonk and Dogecoin, two outsiders looking for recovery
Meanwhile, Bonk faces his own challenges. Originally created to revive the network after SOL dropped to $8, Bonk distributed airdrops to Solana investors, contributing to its temporary popularity. The token is currently below its key support level at $0.00002179 and is hovering around $0.00001561. Still, some analysts believe that Bonk could make a comeback if it can regain its support channel, with a bullish view at $0.00002917. However, the excitement surrounding its launch seems to have died down.
As for Dogecoin, the famous memecoin continues to suffer from the loss of support from Elon Musk, who contributed to its meteoric rise last year. Today, Dogecoin is trying to stabilize around $0.105, a key support level. If the bulls fail to hold this position, DOGE may fall to $0.098. However, no major bad news is expected in the short term. A bounce towards $0.14 therefore remains possible. So the future of DOGE seems to be closely tied to the whims of the market.
Whether it’s XRP, Bonk, or Dogecoin, each of these cryptocurrencies faces unique challenges. However, they share volatility specific to the entire crypto market. While XRP seems poised to capitalize on its victory against the SEC, Bonk and Dogecoin are still looking for support for a possible rebound.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.