At this point, it is likely that 120 skillcapes would be released. Consequences of the cape: High-level players now have an alternative goal they can go for in the event that they do not want to get Max or Completionist. The stats of OSRS gold the cape will most likely be lower than a Max cape.
Standard 99 skillcapes could be devalued. Capes with 120 will likely be less popular as the Max cape, depending on what skill the 120 is in. 120 has approximately the same amount XP as 899s. This could lead to an attitude of elitism by cape owners toward players with 99 in the corresponding ability, which could dissuade younger players.
This opens up the possibility that Milestone caps could be higher than 99 in the near future. The idea isn't without controversy. The primary argument for buy RuneScape Mobile gold it is that it promotes unhealthy, excessive gameplay. This will make the community more efficient and XP-focused rather than "fun".