Dogecoin (DOGE) enthusiasts and holders have had a glimmer of optimism to hold on to, as the meme token is currently posting gains of about 4.35% in the past seven days amidst inflows into the crypto market. This recent price action prompted an analysis from crypto analyst Captain Faibik, who predicts a 30% surge for DOGE. 

According to the analyst, the price of DOGE is on the verge of breaking out of a symmetrical triangle, putting the crypto back on track to climbing above the $0.1 price level again.

Technical Analysis Points To Impending DOGE Breakout

Captain Faibik recently took to social media platform X to share a bullish prediction on DOGE. According to the 12-hour timeframe price chart shared by the analyst, the price of Dogecoin has been forming a downward-sloping triangle since it reached $0.1018 on December 12. Notably, price action illustrates a sequence of lower highs and higher lows between the trendlines, which shows that bears are gradually losing control of the market. 

Lower highs and higher lows are generally considered bullish, as they typically indicate a consolidation phase before a potential trend reversal to the upside. Faibik’s technical analysis indicates a likely 30% bullish breakout above $0.08199. If this turns out to be correct, a prolonged breakout might result in Dogecoin revisiting its December high around the $0.106 level by March.

$DOGE is on the Verge of Symmetrical Triangle Breakout..!!

In Case of Upside Breakout, Expecting +30% Bullish Rally in the Short term. #Crypto #DOGE #Dogecoin pic.twitter.com/j1WL8mv33u

— Captain Faibik (@CryptoFaibik) February 13, 2024 

Can DOGE Reenter The Top 10 Cryptocurrencies?

Recent market dynamics have resulted in Dogecoin losing its place among the 10 biggest cryptocurrencies by market cap. Chainlink (LINK), the culprit, was able to displace Dogecoin from the 10th position after two weeks of intense price gain.

During this period, Dogecoin also witnessed a crash in whale transactions, implying waning sentiment from these large holders.

However, Chainlink’s rally seems to have slowed, with the crypto currently on a 4% correction from $20.82. Consequently, data from Coinmarketcap shows Chainlink is yet to gain a substantial distance ahead of Dogecoin in terms of market cap. 

Chainlink is currently only ahead by $80.8 million, giving Dogecoin a chance to catch up. The 30% bullish breakout prediction above the current price level is enough to push Dogecoin back into the top 10 crypto assets.

While another major DOGE rally isn’t guaranteed, technical factors are lining up. The first resistance is at $0.083, and a decisive breakout above this level could give traders an entry opportunity. However, failing to break above this resistance level would invalidate a bullish run, and DOGE could fall back to $0.078. 

At the time of writing, DOGE is trading at $0.0818, down by 0.61% in the past 24 hours.

Chart from Tradingview

Amid ongoing legal battles between Ripple Labs and the US Securities and Exchange Commission (SEC), recent speculation regarding a potential settlement has been met with skepticism and outright dismissal by legal authorities closely monitoring the case.

Speculation of settlement amid financial disclosure mandate

Following a recent court ruling mandating Ripple to furnish comprehensive financial records related to its institutional sales of XRP for the years 2022 and 2023, there has been speculation about an impending settlement. However, legal experts within the XRP community have debunked these rumors, citing the confidential nature of settlement negotiations.

Bill Morgan, a seasoned attorney, emphasized that settlement negotiations are confidential and subject to privilege, cautioning against reading into rumors until a settlement is formally announced. Similarly, another legal expert, Jesse Hynes, categorically dismissed the rumors as baseless, noting that leaks in such high-stakes legal matters are improbable.

Marc Fagel, a retired securities lawyer, added a touch of sarcasm to the discussion, ridiculing the notion of leaks in settlement negotiations. He highlighted the confidentiality surrounding such discussions and stressed that leaks are highly unlikely.

Ripple’s legal journey and market impact

Since the lawsuit’s inception in December 2020, Ripple has faced significant legal challenges, with the SEC scrutinizing its institutional sales of XRP. Despite legal turbulence and its impact on XRP’s market performance, Ripple has secured notable victories in court, including the determination that XRP is not a security and the dismissal of the SEC’s case against Ripple executives Brad Garlinghouse and Chris Larsen.

As the case progresses into the remedies phase, with crucial deadlines looming, the crypto community remains on edge. The outcomes of this legal battle could have far-reaching implications for Ripple, its related XRP sales, and the price of digital assets.