Joshua Jake, the CEO of Discover Crypto, is advising investors to be cautious when it comes to altcoins such as XRP during the current bullish market. As a long-time critic of XRP, Jake shared his thoughts on Thursday following the recent surge in prices across the crypto market, driven primarily by Bitcoin.
The market is currently undergoing a correction, with Bitcoin dropping back to $69K earlier today, impacting altcoins like XRP. Jake’s analysis suggests that investors should reconsider their strategies before diving into XRP. While Bitcoin has reached new highs, XRP has remained relatively stagnant around $0.5200 throughout the week.
This trend is not unique to XRP, as other top altcoins like Cardano (ADA) and Polkadot (DOT) are also underperforming compared to Bitcoin. Despite this, Jake believes that there is still potential for significant price movements as the bull market progresses, albeit dependent on Bitcoin’s dominance declining.
The decline in Bitcoin’s dominance is crucial for the anticipated altcoin season to kick in. Analysts are hopeful that a shift could occur towards the end of the year as investors take profits from Bitcoin and allocate them to altcoins.
As Bitcoin approaches $100K, Jake predicts that altcoins will follow suit. However, he notes that meme coins have been favored over utility coins like XRP in this current bull run. Despite this, Jake suggests that there is a possibility for XRP to reach $1 once Bitcoin hits $100K.
Ultimately, Jake advises investors to secure profits as their positions mature and consider reallocating them to Bitcoin. He emphasizes the importance of taking profits to safeguard gains, especially as Bitcoin continues to perform well and potentially reach new highs in the $200K range as projected by analysts.
Disclaimer: This content is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not represent the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses.