Following favorable ruling in Ripple v. SEC case, XRP's impressive gains could herald onset of altcoin season, outlook endorsed by Glassnode co-founder Yann Allemann
Altcoins are beginning to stir up the crypto markets, with Ethereum (ETH), Ripple-affiliated XRP and Solana (SOL) all experiencing gains in the past 24 hours, according to tweets from crypto data platform Swissblock.
As Bitcoin (BTC) dominance begins to waver, there are signs that a new altcoin season could be on the horizon, a sentiment echoed by Glassnode co-founder Yann Allemann.
ETH is currently trading around $1,853, marking a modest 0.16% increase over the past day.
Other altcoins such as XRP and SOL have also seen notable gains, each climbing by over 2%. This upward trend of altcoins briefly led the Altcoin Signal into the altcoin season zone.
In the midst of this movement, Dogecoin (DOGE), an altcoin known for its strong narrative, is leading the pack in market gains following Elon Musk's move to rebrand Twitter to X.
XRP's performance is especially noteworthy in the current altcoin upswing. According to CoinGecko data, XRP is trading at $0.72, representing a 2.4% increase.
Its most recently rally came after a positive ruling in the Ripple v. SEC case. The controversial token continues to attract significant trader interest, recording a 24-hour trading volume of over $1.4 billion.
Despite the short-term outlook showing BTC outperforming the ETH/BTC pair, the midterm analysis suggests ETH taking the lead, potentially sparking the next altcoin rally.