After Bitcoin gained a significant rhythm in the crypto market, investors are waiting for an altcoin season to witness the same for others. Even at present, a few cryptocurrencies are on the rise, but XRP and a few others are still awaiting a bullish push to get them out of the slump. However, with the anticipation around the Uptober, this Ripple token has also gained slight momentum, which might push it to new highs when the right time begins.
Altcoin Season To Push XRP 10x-500x
The Ripple token is one of the best cryptos, and despite its struggles, investors are still focusing on this crypto. It is because of the long-awaited rally that might push its value to new highs so many can recover their losses. Interestingly, a market analyst and Iron Key Capital advisor, Kevin Cage, predicted that the altcoin season might push the Ripple native token by 10-500x.
In a recent X post, Cage shared two charts to back his crypto prediction. With these, he revealed that the last two times the market witnessed the XRP price rally happened during the alt seasons. More importantly, Bitcoin was drawing a higher high first at that time. The two rallies mentioned here are from 2017 and 2021, where a 500x surge was seen in the first and a 10x surge in the second.
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
In diving deep, during 2017, the Ripple price lifted from $0.006 to $3.50, managing a surge of 500x. Interestingly, Bitcoin’s dominance faced a major drop at the same time. It was around 95.91% in the beginning, but it dropped to 35.46, leading to this XRP price rally. The main reason is that an altcoin season started with a drop in BTC dominance.
Moving ahead, everything was against the Ripple token in 2021, as it was the time when the Ripple Vs SEC lawsuit took a serious turn. Even the token got delisted from multiple cryptocurrency exchanges. Despite that, the token had a 10x rally, pushing its price from $0.18 to $1.96. Interestingly, there was another drop in Bitcoin’s dominance from 73.51% to 39.54% over months, confirming the relation between the dominance/alt season and the XRP price rally.
If the BTC dominance begins to decline, bringing an altcoin season, the same rally might form this time as well
XRP Price Might Rise To $278
Kevin Cage’s X post also hints at the upcoming altcoin season, which could boost the Ripple token to new highs as it did in the 2017 and 2021 cycles. If considered, the price can range between $5.5 to $278 based on 10x-500x possibility. However, as this token has suffered heavy losses for years, currently trading at $0.556, there is uncertainty as to how the candles will play on the charts. Moreover, with its peak performance at $3.84, the anticipation around $278 is too big for now. Not to forget, the Bitcoin price is rising, strengthening its dominance. However, if the Ripple Vs SEC lawsuit ends in the blockchain service provider’s favor, such a goal might become achievable, as this is the only limiting factor for this token.
The post How High XRP Could Surge in Altcoin Season? Analysts Predict 10x-500x appeared first on CoinGape.
