Raoul Pal Says You Can’t Help But Gaze at This XRP-Led Global Crypto Chart

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Global Macro Investor founder Raoul Pal has drawn attention to a key market indicator that suggests altcoins could be entering a major growth phase.

In a recent post on X, the former Goldman Sachs executive pointed to the TOTAL3 market cap chart, highlighting that its current structure is impossible to ignore.

Understanding the TOTAL3 Market Cap

The TOTAL3 index measures the market capitalization of all cryptocurrencies except Bitcoin and Ethereum. By excluding the two largest digital assets, the index places XRP at the top of the altcoin category. At present, TOTAL3 is valued at $1.09 trillion, reflecting a 3% increase since the beginning of this week.

Pal emphasized that the chart is approaching the resistance line of a large descending triangle, a pattern that has contained price action since TOTAL3 hit $1.13 trillion in November 2021.

Previous attempts to break out, including one during December 2024 when the index touched $1.16 trillion, were unsuccessful. With the index once again nearing the same level, Pal believes the market could soon face a decisive moment.

Historical Parallels to 2020 Breakout

The optimism is partly based on market behaviour during 2020. At that time, TOTAL3 broke above a similar descending triangle structure, sparking a dramatic rise from roughly $65 billion to more than $1.1 trillion by late 2021.

That move coincided with one of the most significant altcoin rallies in history, as funds rotated out of Bitcoin and Ethereum into smaller-cap assets, many of which reached new record highs.

Pal suggested that a comparable breakout now could initiate another period of rapid expansion for altcoins, with XRP and other large-cap tokens positioned to lead.

Bitcoin Dominance Weakens

Another factor supporting this outlook is the decline in Bitcoin’s market share. After peaking near 66% in June, Bitcoin dominance has fallen by nearly 12%. The metric now sits at 58.20% and has logged three consecutive days of decline. This shift reflects growing investor interest in altcoins, particularly as Ethereum and other leading projects show renewed momentum.

Analysts often view falling Bitcoin dominance as an early indicator of an “altseason”, where non-BTC assets outperform. Pal has previously compared the current environment to the 2017 cycle, pointing to both technical patterns and macroeconomic conditions, including the weakening U.S. dollar, as drivers that could fuel a similar outcome.

For now, the TOTAL3 chart remains the key metric to watch. A confirmed breakout above long-standing resistance could validate Pal’s bullish thesis and mark the beginning of a broader altcoin surge, with XRP expected to play a leading role.

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