XRP Could Hit $8 as Attention Shifts to Major Cryptocurrencies
As bitcoin hovers near its all-time high, traders are turning their focus to major altcoins like XRP and Solana’s SOL. This shift in attention comes as institutional demand and a clear regulatory environment pave the way for strong moves among the top coins.
Bitcoin, which was trading just below $111,000 during the Asian morning hours on Friday, experienced a slight pullback due to profit-taking following its recent upward trend. Other major altcoins such as Cardano, dogecoin, and Solana saw gains of up to 4%, while ether, and BNB Chain’s rose less than 1.5%.
The CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, increased by 1.2% in the past 24 hours. According to Ryan Lee, Chief Analyst at Bitget Research, a potential decrease in bitcoin dominance could signal the start of a broader alt season. High-profile altcoins like XRP and Solana are well-positioned to benefit from this shift in market dynamics. Lee highlighted XRP’s improving regulatory clarity and recent technical breakout patterns as factors driving traders to target a price range of $3 to $8 in the medium term.
XRP recently formed a golden cross against BTC on the weekly chart, indicating a potentially bullish trend reversal. This comes after a period of sideways movement since late 2020, which may be breaking following the SEC’s decision not to pursue further appeals against Ripple last month. SOL is also expected to climb to the range of $220 to $300 on ETF speculation, while ADA shows potential for a breakout between $1 and $3, according to Lee.
Despite the positive outlook for major cryptocurrencies, broader macro risks such as tariff concerns, rising U.S. yields, and a stronger dollar could introduce volatility into the market. Traders are advised to remain selective, focusing on assets with strong fundamentals and clear regulatory narratives to navigate these uncertainties.
Alex Kuptsikevich, from FxPro, noted that bitcoin’s sentiment index is currently hovering just below “extreme greed.” This suggests that the ongoing rally may still have room for further growth in the days ahead. Overall, the cryptocurrency market is experiencing a shift in focus towards major tokens like XRP and Solana, driven by institutional demand, regulatory clarity, and technical analysis signals. As traders eye potential price targets for these coins, the market remains susceptible to external factors that could impact volatility and trading strategies.
