XRP, DOGE and TRX Display Rare Bullish Correlation

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As a seasoned researcher with years of experience navigating the dynamic landscape of digital currencies, I find it fascinating to observe the recent market trends. The surge in the combined crypto market cap to $2.04 trillion and the rebound of XRP, DOGE, and TRX from their weekly lows is a testament to the resilience of these coins.

The overall digital currency market is on an upward trend, with the total crypto market value increasing by over 2.35% to reach $2.04 trillion. Apart from Bitcoin (BTC) and Ethereum, several other significant altcoins have seen gains during this surge. These include XRP, Dogecoin (DOGE), and Tron (TRX). Notably, these three coins have all rebounded from their weekly lows, suggesting a clear correlation in their price movements.

XRP, DOGE and TRX correlation

Based on the latest market information, XRP experienced a surge of over 1.5% within a day, reaching $0.5375. This upward trend has assisted in reducing XRP’s weekly losses, which are now at 2.4%.

Dogecoin (DOGE) continued its weekly surge by approximately 4.5%, reaching a value of $0.105. Tron (TRX) has kept pace, holding on to its position as the 10th largest cryptocurrency with a slight edge. It experienced a rise of more than 2%, settling at $0.1542.

The trio of coins currently trade below a dollar each, with noticeable increases in their trading activity. XRP‘s volume surged by 4%, reaching approximately $801 million, while Dogecoin and Tron saw smaller percentage gains – up 1.13% to around $487 million, and 0.66% to about $258 million respectively.

Every cryptocurrency is fueled by its own distinctive network that drives its expansion, which makes their shared upward trend all the more extraordinary.

Ecosystem backing

In contrast to XRP, which is crucial within the Ripple and XRP Ledger systems, Dogecoin has established itself as the pioneering meme coin in the market. Both digital currencies are popular payment tokens accepted by numerous international merchants. However, Dogecoin stands out due to its association with Elon Musk’s preference.

On Tron, you’ll find a richer and broader ecosystem that includes a substantial foundation for Tether (USDT). Lately, Tron has surpassed Ethereum and other competitors when it comes to essential measures, aiming to preserve its position in the market.

With its new meme coin pivot, Tron is on track for the top five tokens list in the long run.

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2024-09-12 17:38