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XRP is unlikely to reach a new all-time high in 2026, despite long-term growth potential, according to Steven McClurg, chief executive of digital asset investment firm Canary Capital.

Speaking in a recent interview, McClurg said the broader crypto market is still facing headwinds, including the impact of the four-year market cycle and challenging global macroeconomic conditions.

“I still believe the four-year cycle is intact,” McClurg said, saying that Bitcoin continues to exert strong influence over the wider digital asset market. While he expects some divergence among cryptocurrencies, he said those differences may be difficult to sustain in the current cycle.

Bitcoin Weakness Could Pressure the Wider Market

McClurg said he expects Bitcoin to face further downside before the market stabilizes. He pointed to October as a likely peak and said prices could fall by as much as 30% from current levels, with a potential bottom forming in late summer or closer to the U.S. midterm elections.

“That kind of move would likely pull the rest of the market down with it,” he said, adding that macroeconomic pressures remain a key concern.

Although some economies continue to report growth, McClurg said many consumers still feel recessionary pressure due to years of elevated inflation. These conditions, he said, have limited risk appetite across financial markets, including crypto.

XRP Still Seen as a Long-Term Builder Asset

Despite near-term challenges, McClurg said XRP remains one of a small group of cryptocurrencies linked to real-world financial use cases. He highlighted projects focused on tokenization, stablecoins, and institutional financial infrastructure as areas where long-term value is being built.

“XRP is one of those protocols,” McClurg said. However, he cautioned that 2026 is unlikely to be the year for a major price breakout. “Am I saying XRP will hit an all-time high this year? Probably not. There are too many headwinds.”

‘A Year of Building,’ Not Price Records

McClurg described the current phase as a building period rather than a speculative one. Drawing on past market cycles, he said the later stages of downturns often favor teams that focus on development rather than price action.

“The assets and projects that build during this phase are the ones that tend to dominate in the next cycle,” he said.

For XRP, McClurg suggested that progress in infrastructure and adoption may matter more than short-term price performance as the market prepares for its next major uptrend.