Raoul Pal, the CEO of Global Macro Investor, believes altcoins like XRP are about to enter a new growth phase as money starts rotating out of Bitcoin.
In his latest market update, he described the crypto market as a “waiting room,” with different assets preparing to launch at different times.
He said Ethereum has already moved out of the waiting room and entered its growth or “full port” phase. For context, ETH is up nearly 70% since July, having recently claimed a new ATH before retracing slightly. Meanwhile, Pal said Solana is next to leave the waiting, while Sui will follow after Solana.
XRP in the Full Port Process
The market analyst then turned to XRP, which is down 3.98% this month. He argued that XRP is no longer waiting but is now in the process of “full porting” into higher levels. Notably, XRP’s recent price struggles follow an impressive 35% rally in July 2025.
Pal’s comments come as Bitcoin recently surged to a new ATH above $124,000 before pulling back. This retracement shifted attention toward altcoins, a familiar pattern in previous cycles.
As capital flows away from Bitcoin, investors often look for opportunities in other tokens, triggering what the market calls altcoin season. Pal sees XRP as one of the beneficiaries of this rotation.
He shared a long-term XRP 1-week chart that tracks price history since 2014. The chart highlights a recurring cycle featuring long periods of consolidation inside triangles and wedges that eventually lead to explosive breakouts.
The first of these came between 2014 and early 2017, when XRP traded inside a large descending triangle. Price compressed for nearly three years before breaking out, which led to the historic rally into the $3.3 peak in January 2018.
After the top, XRP entered a deep correction that lasted until mid-2020. During this time, the price slid lower inside a falling wedge, a pattern that often marks the end of a downtrend. True to form, XRP broke out of the wedge in late 2020 and climbed into 2021, reaching $1.96 by April.
Could XRP Record Another Breakout?
Notably, another consolidation followed, this time in the form of a broad descending triangle that stretched from 2021 until late 2024. Once again, XRP broke upward in November 2024 and quickly revalued higher, breaching the $1, $2, and $3 psychological levels.
Today, XRP trades just under $3 and has formed a smaller triangular pattern since its late-2024 breakout. For context, this tight structure looks like a pennant, which often signals a continuation of the trend.
If XRP pushes above the upper boundary, it would confirm that the breakout is still unfolding and that the token is indeed entering the “full port” stage Pal described. However, a failure to hold the structure could send prices back toward the earlier breakout zone around $1.7 to $2.
Broader Market Context
Meanwhile, speaking further, Pal highlighted Bitcoin’s long-term correlation with global money supply growth, particularly the M2 measure, which tracks cash and liquid assets in circulation.
People need to learn patience. The path is clear…but never, ever expect tick for tick perfection. Its the pattern that counts. pic.twitter.com/6tzKWbr6V9
— Raoul Pal (@RaoulGMI) August 29, 2025
Historically, Bitcoin has followed M2 with a lag of about twelve weeks. Specifically, as global liquidity expands, money flows first into Bitcoin and then into altcoins like XRP. Pal suggested that investors should focus on the broader pattern instead of expecting perfect short-term timing.
He also stressed that the global liquidity backdrop looks stronger than ever. The United States, China, Japan, and Europe all need to roll over large amounts of debt, which means central banks must keep liquidity flowing.
In addition, he says regulatory improvements, sovereign accumulation of crypto, and Wall Street’s growing acceptance of digital assets will create what he calls an environment similar to 2017, when the last major altcoin boom unfolded.
The market veteran believes the crypto cycle has more room to run. His research at Global Macro Investor suggests the bull market could extend into early or even mid-2026.
He explained that a slowing global business cycle will likely force policymakers to maintain loose conditions for longer, prolonging the flow of capital into risk assets. He believes the growth phase of this cycle, which he calls the banana zone, already began in August 2024, and the pace will increase from here.
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.
