Will XRP Soar to $8 as Crypto Majors Take the Spotlight? 🚀💰

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What to know:

  • Bitcoin has reached new heights, driven by institutional demand and regulatory clarity, much to the delight of those who can afford it.
  • XRP and Solana are poised to benefit from a potential altseason, with XRP showing bullish signals and Solana buoyed by ETF speculation. 📈
  • Broader macroeconomic risks, such as rising U.S. yields and a stronger dollar, could introduce volatility, especially for altcoins. 🌪️

As bitcoin (BTC) set fresh highs earlier this week, the attention of the crypto world has predictably shifted to the major tokens, with some suggesting that institutional demand and a clear regulatory environment could pave the way for strong moves among the top coins. It’s almost as if the crypto market has a script it follows, and we’re all just actors in a grand, albeit somewhat absurd, play.

Bitcoin was hovering just under $111,000 during the Asian morning hours on Friday, seeing a slight pullback on profit-taking, which is as expected after such an upward move. Cardano’s ADA, dogecoin (DOGE), and Solana’s SOL added as much as 4%, while ether (ETH), XRP, and BNB Chain’s BNB rose less than 1.5%. It’s a veritable feast of acronyms, isn’t it?

The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, rose 1.2% in the past 24 hours. A modest gain, but one that suggests the market is still in a bullish mood, despite the occasional hiccup.

Bitget Research’s Chief Analyst Ryan Lee told CoinDesk in a Telegram message that a potential dip in bitcoin dominance could kick off a broader alt season, with high-profile names like XRP and Solana in prime position to benefit. It’s almost as if the market is a grand stage, and these tokens are the stars waiting in the wings.

Lee pointed to XRP’s improving regulatory clarity and recent technical breakout patterns as reasons traders are eyeing a move toward $3–$8 in the medium term. XRP recently formed a golden cross against BTC on the weekly chart — a historically bullish signal suggesting a long-term trend reversal may be underway. The ratio has been locked in a sideways channel since late 2020, but that may now be breaking after last month’s SEC decision not to pursue further appeals against Ripple. It’s a dramatic turn of events, to say the least.

SOL could climb toward $220–$300 on ETF speculation, while ADA shows potential for a breakout between $1 and $3, Lee added. It’s a veritable buffet of opportunities for the discerning trader.

Singapore-based QCP Capital said in a Thursday broadcast that the latest BTC move confirmed a robust trend supported by improved structural fundamentals and relatively low volatility. “This rally feels more structurally sound than the last with less frothy momentum-chasing and stronger fundamental underpinnings,” the firm said, adding that the brief dip following BTC’s initial record high break triggered put-side profit-taking, but buyers were “quick to reload on the upside.” It’s almost as if the market has a mind of its own, and it’s determined to keep us all on our toes.

Still, broader macro risks remain in play. Renewed tariff concerns, rising U.S. yields, and a stronger dollar could all inject volatility into the system, especially for altcoins, QCP said. Traders are urged to stay selective, focusing on assets with strong fundamentals and clear regulatory narratives. It’s a bit like choosing the right horse in a race; you need to know the track and the jockey.

Meanwhile, FxPro’s Alex Kuptsikevich shared in an email that bitcoin’s sentiment index is hovering just below “extreme greed” as of Friday, a sign that the rally may still have room to run in the coming days. It’s a sentiment that’s as predictable as it is amusing.

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2025-05-23 10:09