Biggest Movers: DOGE Surges as Elon Musk Launches X

Dogecoin was one of Monday’s notable gainers, climbing by as much as 5%, following the news that Elon Musk was rebranding Twitter to X. Speculators believe the new platform will allow users to make crypto payments. XRP, on the other hand, fell to a ten-day low.

Dogecoin (DOGE)

Dogecoin surged by as much as 5% to start the week, as traders reacted to the news Twitter was rebranding to X.

Following the announcement, Twitter CEO Linda Yaccarino tweeted that “X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.”

DOGE/USD hit an intraday high of $0.07718 earlier in the day, following Sunday’s low at $0.07056.

From the chart, the move came after a breakout occurred at the $0.0760 level, pushing the meme coin to its highest point since May 6.

This resulted in the relative strength index (RSI) escaping its own ceiling at 63.00, and it is currently at 65.46.

Traders will likely continue targeting the $0.08000 level.

XRP

XRP plunged to a ten-day low on Monday, as market sentiment seems to have shifted bearish in recent days.

After surging to a high of $0.7506 on Sunday, XRP/USD has started the week at a low of $0.6901.

This is the lowest level the token has traded at since June 13, when price was trading below $0.5000.

As a result of the decline, the RSI edged below a floor of 57.00, and is currently at a reading of 56.72.

Should the index extend its drop under this point, bears will likely look to take XRP back towards $0.5600.

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