Raoul Pal’s “Waiting Room” Theory Returns With XRP And DOGE

The signals align on the altcoin market. While bitcoin and Ethereum take a pause, XRP and Dogecoin position themselves at the forefront of speculative bets. Raoul Pal, former Goldman Sachs and founder of Real Vision, mentions an imminent transition of the current cycle. In an analysis shared on X, he revives his concept of “Crypto Waiting Room” and points to a possible breakout from consolidation for these two assets. Investors, for their part, watch for the trigger signal.

A rotation cycle underway

In a message published this week on the social network X, Raoul Pal states that XRP and Dogecoin are about to exit a long consolidation phase to enter a bullish momentum, following a collapse after a spectacular rebound.

“DOGE – in the waiting room. It will go full throttle as soon as others do…” he writes, before adding: “XRP… is going full throttle…”.

By these terms, the former Goldman Sachs strategist refers to a critical phase of the crypto cycle: when liquidity leaves institutional assets (Bitcoin, Ethereum) to migrate to more speculative tokens, historically explosive when momentum triggers.

The analyst uses the concept of “Crypto Waiting Room”, a central metaphor in his cyclical reading model. He notably relies on the Total3 indicator (the crypto market capitalization excluding BTC and ETH), currently close to a major resistance. The technical data support this “pre-rotation” scenario :

• XRP is currently evolving within a symmetrical triangle below its peak reached in spring this year, a classic structure announcing impulsive movements ;

• Dogecoin, on its side, has broken out of its 2021–2024 descending channel to form a higher base, compressed in a bullish wedge ;

• Pal also classifies other tokens like SOL and SUI in this waiting room, but considers DOGE and XRP the most advanced in the “full throttle mode” process, in other words massive capital repositioning ;

• This cycle of concentration then diffusion of capital reflects, according to him, a dynamic already observed on markets during the bullish phases of 2017 and 2021.

The liquidity wave changes the game

Beyond on-chain data, it is on the macroeconomic level that Raoul Pal bases much of his conviction. “The rate of change will only increase in the key indicator that is total global liquidity” he states, pointing to a global phenomenon.

Thus, the United States, Europe, China and Japan have to refinance their debts in a context of cyclical slowdown, generating a massive liquidity injection on a global scale. This liquidity, according to him, constitutes an “extremely bullish context”, that is an exceptionally favorable environment for risk assets, including cryptos.

Pal also emphasizes a series of structural factors amplifying this dynamic: sovereign accumulation of cryptos, favorable regulatory developments, as well as growing acceptance by traditional markets, notably Wall Street.

All these elements, combined with the rise of the global money supply (notably through the global M2), would extend the current crypto cycle beyond its usual pattern. “We have been there since August 2024, and the acceleration phase is still to come” he specifies. In other words, according to his analysis, the bull market is still ongoing, but far from its peak.

If the scenarios outlined by Pal materialize, the implications for investors are substantial. A rotation of capital towards assets like XRP or Dogecoin as evidenced by investor migration, at the dawn of a generalized altcoin rebound, could reshuffle the cards in a market still largely polarized around bitcoin and Ethereum.