Ripple CEO Acknowledges Dogecoin's Growing Significance

Ripple’s CEO, Brad Garlinghouse, has recently shifted his stance on Dogecoin, acknowledging its growing significance in the cryptocurrency ecosystem. Previously, Garlinghouse had dismissed meme coins as overrated and associated them with "get-rich-quick rug pulls." However, his recent comments at Ripple Apex indicate a change in perspective, recognizing Dogecoin as more than just a joke and acknowledging its role within the broader cryptocurrency landscape.

Garlinghouse cited Elon Musk’s continued endorsement of Dogecoin as a key factor in its increasing liquidity and staying power. Musk’s influence has been instrumental in driving Dogecoin’s popularity and market presence, making it a more credible asset in the eyes of institutional investors. This shift in Garlinghouse’s view opens the door for greater institutional acceptance of Dogecoin, which could potentially boost its price outlook.

While Garlinghouse did not confirm any specific partnership between Ripple and Dogecoin, his acknowledgment of Dogecoin’s legitimacy is seen as a significant step. This could pave the way for future collaborations and further validate Dogecoin’s position in the market. The rising speculation around the approval of a Dogecoin ETF adds to the optimism, as institutional investors await the decision, which could bring substantial inflows into the asset.

Technical analysis suggests that Dogecoin is currently consolidating within a descending channel, forming a handle in a massive 4-year cup-and-handle pattern. Key support levels, including the 0.236 Fibonacci level and a historic support trendline, are set to intersect with the channel’s resistance. This confluence could trigger a breakout, potentially pushing Dogecoin’s price to around $0.75, representing a 300% gain from current levels. The upcoming decision on a US spot Dogecoin ETF on June 15 could serve as the catalyst for this breakout, opening the doors to institutional inflows if approved.

Momentum indicators also support the possibility of a price surge. The Relative Strength Index (RSI) has stabilized at 45 after dipping below the neutral zone, and the Moving Average Convergence Divergence (MACD) is tightening, hinting at a potential crossover that could shift market sentiment. While the current setup is not overwhelmingly bullish, it is far from bearish, suggesting that any uptick in volume or sentiment could tip the scales in favor of a price increase.

If historic support becomes an accumulation base, Dogecoin could break the handle structure and resume its long-term uptrend. This scenario, combined with the potential approval of a Dogecoin ETF, could significantly boost the asset’s price and market presence. Institutional investors, who have been cautious about meme coins, may now see Dogecoin as a viable investment option, further driving its price upward.