Raoul Pal: XRP and Dogecoin Are in the "Waiting Room" Before a Major Breakout

In a series of recent shares on X, Raoul Pal – co-founder of Real Vision and Global Macro Investor (GMI) – stated that two of the most veteran and widely followed altcoins, XRP and Dogecoin, are "Accumulation" to prepare for their next comeback. Pal calls this the "Crypto Waiting Room" (, the waiting room of the crypto market ) – a phase where many important assets are still consolidating before the market enters a new expansion cycle. Liquidity Will Rotate Concentrated Soon According to Pal, the market is currently repeating a familiar pattern from previous cycles: capital first flows into Bitcoin and Ethereum – the assets with the highest institutionalization. After that, liquidity gradually rotates down to lower-tier altcoins, bringing about an "Altseason" as a series of tokens break out. "DOGE - is in the waiting room. It will explode when the OTHERS ( altcoins outside the top 10) start to run. XRP - is in the process of 'Full Porting'," Pal wrote.

He exemplifies: ETH: has "full port", meaning the capital has entered strongly. SOL: about to leave the waiting room. SUI: still in the waiting room, will follow SOL. TOTAL3 ( total market capitalization excluding BTC and ETH ): "is ready to leave the waiting room".

Technical Structure: XRP & Dogecoin Are Compressing Power On the long-term chart, both XRP and Dogecoin show a typical wedge/symmetrical triangle compression pattern before breakouts. XRP: after the strong increase at the beginning of 2025, the price is forming a small symmetrical triangle just below the cycle peak. Dogecoin: after the decline period following the channel 2021–2024, DOGE has built a higher base and is now entering a narrowing wedge pattern. Pal emphasizes that one should not expect a breakout "in the next candle", but rather be patient. It is important that the market structure is repeating the "pre-rotation" conditions that have appeared in previous cycles. Global Liquidity: Macro Drivers The main pillar of the argument is global liquidity. Pal argues that: The US, Europe, China, and Japan all need to recapitalize debt, forcing additional liquidity injections. Other factors such as regulatory changes, DAT (Digital Asset Tokenization), accumulation from countries, and Wall Street's acceptance also create an extremely positive foundation. "GMI's Global Liquidity Index" is signaling an increasingly strong growth rate - this is an important catalyst for the current crypto cycle.

Cycle 2024–2026: Still Long According to Pal, the growth phase of the crypto market began in August 2024. However, the real acceleration phase is still ahead and could last until the end of Q1 2026, even Q2 2026, due to the slow economic cycle forcing central banks to maintain abundant liquidity. Compared to previous phases, he believes the market currently shares many similarities with 2017 – but instead of looking for "price tick correlations", GMI focuses on the rhythm and rhymes (rhythm & rhymes) of the market. Final Message: "Be Patient and Choose the Right Wallet" Raoul Pal concludes: "The way is clear... but never expect absolute perfection. The only question is: is your wallet increasing in value, or are you misallocating? That depends on you. Buy the ticket, take the ride." At the time of writing, XRP is trading around 2.84 USD. 👉 In summary: If Pal is correct, XRP and Dogecoin are in a crucial accumulation phase. Global liquidity will be the trigger for the market to enter an acceleration phase, and investors need to be patient and wait for the "call" of altcoins outside of BTC and ETH.