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Seasoned crypto traders have predicted when XRP could witness up to a five-fold price increase amid its current lackluster performance.
XRP holders eagerly anticipate when the altcoin might experience a sustained bull run, pushing its price into long-lost territories beyond $1.
However, XRP has remained around the $0.50 range for an extended period. Most recently, a widely followed trader, who prides himself on being the “GOAT” of crypto traders, has suggested when he believes the long-awaited XRP bull run will commence.
What Must Happen Before XRP Sees 5X Run
In a post on X, the seasoned trader pointed out that Bitcoin’s dominance is approaching its peak. He predicts that altcoins like XRP could easily see price increases of 2x to 5x once the dominance starts to decline.
Accordingly, he encouraged market participants to accumulate during this time, as the upcoming year looks promising for the broader market.
It’s worth noting that Bitcoin’s dominance has been steadily rising over the past few months. However, analysts believe it may soon decrease, paving the way for the much-anticipated altcoin season.
Meanwhile, the trader emphasized the importance of XRP closing this weekly candle above $0.55. If it fails to do so, it could test support at $0.40.
As of now, XRP is trading at $0.5416, showing a 1.95% increase over the last 24 hours.
Bitcoin Also Needs to Recapture the $73K Range for XRP to Surge
In a separate conversation, technical analyst “Charting Guy” expressed a similar sentiment regarding when XRP’s bull run could begin. He stressed that XRP and other altcoins that have underperformed will not see significant movement until Bitcoin returns to a price discovery phase.
According to the technical analyst, XRP will continue to range between $0.43 and $0.67 until then.
Notably, Bitcoin hit an all-time high above $73K in March but has continued to trade below that level over the last seven months.
It has struggled to overcome resistance at the $70K level, preventing the commencement of a new price discovery phase. Bitcoin is currently trading at $63,500, down 13% from its all-time high.
Charting Guy believes that until Bitcoin breaks through the resistance levels, underperforming altcoins like XRP may struggle to gather sufficient momentum to reach higher price levels.
Meanwhile, the technical analyst noted that the Bollinger Bands have been tightening on the monthly chart. He stated that if XRP closes above the upper band, currently at $0.67, would signal a potential rally for XRP. Conversely, a monthly close below the lower band, currently at $0.43, could result in a significant drop for the cryptocurrency.
“These bands will continue to tighten until a decision is made,” he said.