Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season
According to market analysis, XRP might be near to having a significant price blowup. The next altcoin season could go anywhere from 10x to the amazing 500x, experts believe.
Two important charts by renowned market analyst Kevin Cage on XRPs relationship with Bitcoins supremacy in past bull markets form the basis of this favorable prediction.
The Last 2 Times $XRP Pumped
Was during the previous 2 Alt Seasons when #Bitcoin was drawing higher highs first.
2017: Over 500X (over 300x with Monthly Candle Bodies)
2021: 10x (During Lawsuit & Exchange Delistings)
Will history rhyme or will the future be different? pic.twitter.com/V8nb9yh8qR
Kevin Cage (@Kevin_Cage_) October 16, 2024
Recently, financial analyst Gary Cardone generated enthusiasm within the XRP community with a cryptic tweet suggesting a possible launch for the cryptocurrency.
Historically, Bitcoins market dominance has significantly influenced the performance of altcoins, such as XRP. When Bitcoins dominance declines, altcoins frequently experience significant increases.
We are waiting.I confirmed w/ authorities they are ready for you, this was the message;
XRP- LAUNCH PAD IS: Green.
Proceed with launch codes..
Repeat:
Launch pad is green lite for XRP.
XRP may Launch.
General Barnaby Anushopium https://t.co/JB2BMQDoHs
Gary Cardone (@GaryCardone) October 15, 2024
This trend was apparent in previous altcoin seasons, as XRP flourished when Bitcoins market dominance diminished. Proponents such as Zach Rector assert that XRP is poised for a substantial breakout, bolstering the belief that the tokens future may be promising.
Historical Performance Indicates Potential
Cage emphasizes two critical epochs in XRPs history. During the 2017 bull market, XRP surged more than 500-fold, increasing from $0.006 to $3.50 by early 2018. This increase occurred as Bitcoins dominance decreased from 95.91% to 35.46%. Altcoins including XRP surged significantly when Bitcoin fell, grabbing the chance to shine.
Though delisted from multiple exchanges and facing legal challenges from the US SEC, XRP had an incredible 10x gain in value during the 2021 bull run.
It increased from $0.18 to $1.96 with a corresponding decrease in Bitcoins supremacy, which fell from 73.51% to 39.54%. These historical examples demonstrate a distinct trend: XRP typically excels when Bitcoin declines.
Altcoin: Market Dynamics
Currently, Bitcoins dominance is approximately 58%, having recently increased. Should its dominance begin to wane once more, according to previous cycles, XRP may be poised for another substantial price surge.
A tenfold rise is possible, which would push XRP above $5. This shows that altcoin seasons are still a big reason for the tokens price changes.
Even though these predictions are getting a lot of attention, its still not clear how much XRP will rise. Things like the present lawsuits against Ripple could change how the market works.
The SECs recent appeal in its case against Ripple makes things more complicated. It makes the legal fight last longer and makes investors less sure of what will happen.
Community Discourse And SpeculationThe XRP community is full of speculations. Cardones tweet made while using military imagery indicated some kind of upcoming development for XRP. Some members of the community seemed to take it as good news.
Supporters of XRP, such as Zach Rector, interpreted Garrys tweet as an indication of the growing recognition of the altcoin. Gary is hopping onboard the XRP train, he remarked.
Featured image from HTX, chart from TradingView
Read more: https://www.newsbtc.com/news/market-data-hints-at-500x-xrp-rally-in-upcoming-altcoin-season/
Text source: NewsBTC
