Dogecoin has delivered an exceptional performance so far this week, with its price peaking at a new all-time high of $0.69 on Wednesday. Since then, the meme coin has lost some of its gains and is trading at $0.60 at the time of this press. It has tanked by more than 10% in the last 24 hours.

 Despite the slight pullback, Dogecoin’s performance has been nothing short of spectacular, considering that it surged by around 13,611% since the start of 2021. Such impressive figures suggest that Dogecoin is the altcoin that the masses have decided to ride to the moon.

Alex Thorn, the head of research at Galaxy Digital, noted in his latest report that there are more than 3.6 million Dogecoin addresses and that 60% of the cryptocurrency’s total supply exchanged hands so far since January. The Shiba Inu-based coin has so far managed to secure a place as the fourth-largest cryptocurrency by market capitalization. Its market cap at this press was $77.3 billion. However, Ripple’s XRP has also demonstrated strong performance and is threatening to dethrone Dogecoin from its current position.

XRP finds favor with the bulls

XRP had a surprising rally on Wednesday that saw it rise from lows of around $1.3 to about $1.7.

XRP’s impressive rally may have been influenced by hints of a potentially favorable conclusion to the lawsuit filed against Ripple by the SEC. The remarkable rally pushed the price above its 7-day and 50-day moving average to confirm the strong buys.

There have been slight retracements that have pushed down the price to its current levels around $1.68, and its market cap is just over $76 billion. Its market cap is closing the gap with Dogecoin, whose performance indicates a loss of bullish momentum. More bullishness on XRP’s camp might allow it to overtake Dogecoin, especially if the latter continues to slip.

What to expect moving forward

The Doge army has been the primary force behind Dogecoin’s robust price movement this month. Many of the digital coin’s enthusiasts have been hoping that it will soar above $1 and are currently banking on Elon Musk’s SNL appearance to help fuel the price to that level. The current bullish pullback seems to be in line with the fact that the bullish run is overextended, and there has been some selling pressure.

On the flip side, the $0.59 support level seems to be holding off the selloffs. Meanwhile, Hodlers continue to exercise their power in the hopes that the Dogefather will validate them. XRP’s bull run seems to have shed off some of its momentum. If technical indicators are accurate, the RSI divergence might indicate the possibility of some downward pressure. Both coins are at the mercy of speculation and the willpower of hodlers. However, Dogecoin is seemingly running out of hype, while the hype train for XRP might still be in its early stages if Ripple wins the SEC lawsuit.