In the ever-volatile world of cryptocurrencies, XRP is getting a fresh look as traders speculate on its potential to skyrocket to $8. This renewed focus comes hot on the heels of Bitcoin’s stunning ascent, which saw it flirting just below a remarkable $111,000 earlier this week. Now, the market’s gaze is shifting towards major tokens like XRP, which could be poised for a breakout amid a changing regulatory landscape.
Shifting Attention to Altcoins
Bitcoin’s recent rally—a testament to institutional demand and a clearer regulatory environment—has set the stage for altcoins to shine. While Bitcoin experienced a slight dip during the Asian morning hours on Friday due to profit-taking, other major tokens like Cardano’s ADA, Dogecoin (DOGE), and Solana’s SOL experienced a modest uptick, gaining up to 4%. Meanwhile, Ethereum’s ETH, XRP, and BNB Chain’s BNB saw increases of less than 1.5%.
Ryan Lee, Chief Analyst at Bitget Research, suggests that Bitcoin’s dominance might be tapering off, paving the way for an altcoin season. He believes high-profile tokens such as XRP and Solana are well-positioned to benefit. “XRP’s improving regulatory clarity and recent technical breakout patterns are reasons traders are eyeing a move toward $3–$8 in the medium term,” Lee shared in a Telegram message to CoinDesk. Notably, XRP has formed a ‘golden cross’ against Bitcoin on the weekly chart, a bullish signal that indicates a potential long-term trend reversal. As explored in our recent coverage, XRP traders predict new all-time highs as ETF approval odds rise to 85%, further fueling optimism in the market.
Regulatory Clarity and Technical Patterns
The regulatory landscape has been a significant factor in XRP’s potential resurgence. The U.S. Securities and Exchange Commission’s (SEC) decision last month not to pursue further appeals against Ripple has provided a clearer path forward for XRP. This development, coupled with XRP’s recent technical patterns, has caught the attention of traders and analysts alike. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
“XRP is breaking out of a sideways channel it’s been in since late 2020,” Lee noted. This, combined with the golden cross, suggests a bullish outlook. On the other hand, Solana could be riding the wave of ETF speculation, with expectations of reaching $220–$300, while Cardano’s ADA might break out between $1 and $3, Lee added.
Adding to the optimistic outlook, Singapore-based QCP Capital highlighted in a Thursday broadcast that Bitcoin’s latest move reflects a robust trend backed 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 stated. Despite a brief dip following Bitcoin’s initial record high, buyers were quick to “reload on the upside.”
Navigating Potential Macro Risks
However, the path forward isn’t without its hurdles. Broader macroeconomic risks could inject volatility into the markets. Renewed concerns over tariffs, rising U.S. yields, and a strengthening dollar are potential headwinds, particularly for altcoins. QCP Capital advises traders to remain selective, focusing on assets with strong fundamentals and clear regulatory narratives.
Meanwhile, FxPro’s Alex Kuptsikevich, in an email, highlighted that Bitcoin’s sentiment index is hovering just below “extreme greed” as of Friday. This sentiment suggests that the rally may still have room to run in the coming days, albeit cautiously.
As May draws to a close, the cryptocurrency market stands on the precipice of what could be a pivotal moment for altcoins like XRP. The interplay between regulatory developments, technical signals, and macroeconomic factors will be critical in determining whether XRP can reach the coveted $8 mark. While optimism abounds, traders are advised to tread carefully, keeping an eye on the broader market dynamics that could shape this evolving narrative.
Source
This article is based on: XRP Could Rocket to $8 as Focus Shifts to Crypto Majors After Bitcoin’s Record Run: Traders
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
