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HomeCrypto NewsMarketCharts Show XRP Could Spike 10x to 500x During Alt Season When BTC Dominance Drops

Charts Show XRP Could Spike 10x to 500x During Alt Season When BTC Dominance Drops

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Market data suggests XRP could see a massive price surge, possibly rising by 10x to 500x during the upcoming altcoin season. 

The data stems from two charts shared by Kevin Cage, a notable market analyst and advisor to Iron Key Capital. These observations come from historical patterns that relate Bitcoin’s dominance in the market with XRP’s performance during previous bull runs.

XRP Alignment with Bitcoin Dominance

Notably, XRP has consistently shown strong gains during altcoin seasons, which occur when Bitcoin’s dominance declines, allowing altcoins to surge. Two of the most prominent instances occurred during the bull runs in 2017 and 2021. 

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Bitcoin’s dominance in the cryptocurrency market can be important in determining the performance of altcoins like XRP when Bitcoin’s share of the market shrinks, altcoins rally, with XRP often being one of the biggest beneficiaries. 

Cage’s chart confirms that during the 2017 alt season, XRP surged by more than 500x, rising from $0.006 to a peak of $3.50 by January 2018. This spike coincided with a sharp drop in Bitcoin’s market cap dominance, which fell from 95.91% to about 35.46% during the same period.

Kevin Cage on X
Kevin Cage on X

Meanwhile, in 2021, XRP had another significant run even as it faced major legal challenges from the SEC and delisting from several exchanges. Recall that the U.S. SEC charged Ripple and its executives in December 2020, alleging that XRP was an unregistered security.

Despite these setbacks, XRP still managed to increase by 10x, climbing from $0.18 to $1.96. Similar to 2017, this price rise occurred during a steep decline in Bitcoin’s market dominance, which fell from 73.51% to 39.54% over several months.

Will History Repeat?

Now, the charts indicate the market might be on the verge of another alt season despite a recent surge in Bitcoin dominance. Notably, BTC dominance is currently around 58.95%, and if it begins to fall again, similar to previous cycles, XRP could experience a massive rise. 

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If XRP follows its 2017 pattern of a 500x increase, its price could skyrocket from its current level of around $0.55 to as high as $275. Alternatively, if XRP repeats its more modest 2021 performance of a 10x increase, its price would still reach around $5.47.

The charts suggest that the conditions for another alt season are forming, and history indicates that XRP tends to perform well during these periods. However, should the pattern repeat, the exact magnitude of the rise is uncertain.

With the SEC recently filing a notice of appeal in the Ripple case, potentially elongating the lawsuit, XRP could still have to deal with the persistent legal pressure. If the pressure leads to another suppression, a moderate 10x rise could occur, but this would still lead to a new all-time high above $5. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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