thecryptobasic.com
Joshua Jake, CEO of the Discover Crypto channel, has called on market participants to refrain from investing in altcoins like XRP without properly assessing their strategies in the ongoing bull market.
Jake, a longstanding critic of XRP, issued this latest commentary on X on Thursday after observing the recent week-long price pump in the crypto market led by Bitcoin.
Notably, the crypto market is experiencing a correction, with Bitcoin revisiting the $69K level early today, impacting altcoins like XRP.
“Stop Buying” Altcoins like XRP
In his analysis, Jake urged crypto enthusiasts to reassess their investment strategies before considering XRP. His warning stems from the observation that while Bitcoin retested its March all-time high this week, XRP barely moved.
For instance, XRP has remained around $0.5200 for most of this week, while Bitcoin successfully revisited $73,000, a seven-month high.
Meanwhile, XRP is not alone in this trend. Other top crypto assets underperforming Bitcoin include Cardano (ADA) and Polkadot (DOT).
Looking at these assets, Jake urged holders of XRP, ADA, and DOT not to expect five-fold price gains this season. However, he acknowledged their potential for commendable price movement as the bull market progresses.
Yet, he outlined that these altcoins’ performance would hinge on Bitcoin’s dominance declining. Notably, Bitcoin dominance, currently at 60%, has been on the rise this year and has not diminished. For context, the figure is up 1.76% this week, 4.4% over the past month, and 16.42% since January.
A drop in Bitcoin’s dominance is crucial to usher in the much-awaited altcoin season. Analysts hope a reversal could occur toward the end of the year as market participants take profits from Bitcoin and allocate them to altcoins.
XRP “May” Reach $1 with Bitcoin at $100K
Nonetheless, Jake noted that as Bitcoin continues to ascend, likely toward $100K, altcoins would also move up. However, he pointed out that Bitcoin’s uptrend has mostly favored meme coins over utility coins like XRP in this bull season.
He added that utility coins performing well as Bitcoin advances are typically DEX tokens where trendy meme coins are traded. Still, he suggested that it is possible for XRP to reach $1 when Bitcoin hits $100K.
Ultimately, Jake warns market participants to take profits as their positions mature and to allocate them to Bitcoin. He noted that Bitcoin could continue to perform well and possibly reach lofty highs in the $200K range, as widely projected by analysts. However, taking profits is essential to preserve accrued gains.