Raoul Pal says two of crypto’s most-watched legacy altcoins—XRP and Dogecoin—are coiling for their next act. In a new X thread framed as “the Crypto Waiting Room,” the Real Vision and GMI co-founder argues that a broad swath of the market is consolidating before another leg higher, with capital already “full ported” into Ethereum and rotation risk building for assets lower down the stack.
Pal’s “waiting room” metaphor is shorthand for a market structure he says rhymes with past cycles: liquidity first concentrates in the highest-quality, most institutionally accepted assets, then rotates down the risk curve as momentum broadens.
Technically, the “waiting room” framing aligns with what long-horizon charts of XRP and Dogecoin have been telegraphing. Multi-year weekly structures on both assets show a repeating cadence of broad, descending consolidations that ultimately resolve into impulsive upside, followed by new, tighter coils beneath prior cycle highs.
The current phase features exactly that kind of triangular compression: XRP’s post-spring surge has bled into a small symmetrical triangle under its 2025 peak, while Dogecoin’s 2021–2024 falling channel gave way to a higher base that is now narrowing into a wedge. Pal’s point is not that breakouts are guaranteed or imminent on a given candle, but that the setup is consistent with earlier “pre-rotation” conditions.
The investor also invoked cycle analogs without over-promising precision. “And it looks similar to 2017…” he noted, before repeating that GMI is “not looking for perfect matches.” The probabilistic takeaway, he said, is that the market remains in an expansionary regime, with breadth likely to improve as non-BTC/ETH segments clear their bases. “The only question is… will your bags go up or do you have the wrong allocation? That is up to you my friends. Buy the ticket, take the ride.”
At press time, XRP traded at $2.84.
