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Ripple’s Win Against SEC Sets Stage for Long-Awaited Altcoin Surge, Says Analysts
Coinspeaker
Ripple’s Win Against SEC Sets Stage for Long-Awaited Altcoin Surge, Says Analysts
The crypto market has seen its fair share of predictions and promises over the years, many of which failed to materialize, especially during 2023. However, recent events, particularly Ripple’s XRP partial legal victory over the US Securities and Exchange Commission (SEC), may have finally set the stage for the long-anticipated altcoin season, which many analysts now see on the horizon.
Altcoins on the Rise as Ripple PrevailsFor nearly three years, crypto investors and traders have anticipated a significant market shift. Crypto analyst Matthew Perry highlighted that some altcoins, including XRP XRP $0.59 24h volatility: -1.2% Market cap: $33.09 B Vol. 24h: $1.12 B , are starting to show small gains. Ripple’s native token, XRP, is demonstrating resilience, while others like Binance Coin BNB $590.6 24h volatility: 1.5% Market cap: $86.24 B Vol. 24h: $778.66 M and Solana SOL $143.5 24h volatility: -1.0% Market cap: $67.26 B Vol. 24h: $2.57 B continue to struggle.
However, Bitcoin (BTC) and Ethereum (ETH) have maintained positive trends recently, with Bitcoin’s price gaining 1.20%, while Ethereum has seen an increase of 2.90% in the last 14 hours. Remarkably, Both cryptocurrencies gained 8.50% and 15.90% respectively in the last week.
Source: CoinMarketCap
Meanwhile, Bitcoin’s market dominance has fallen from 57% to 54.3%, a key indicator often signaling the start of an altcoin season. Perry suggests that such trends typically emerge about six months after Bitcoin’s halving, with a potential new all-time high forecasted for 2025.
Ripple’s legal battle with the SEC has remained a focal point in the crypto industry. Since 2020, the SEC has argued that Ripple’s XRP sales amounted to unregistered securities offerings. This lawsuit weighed heavily on the market, exacerbating the downturn that extended through much of 2023.
However, Ripple’s legal win against the SEC in 2024 has improved market sentiment significantly. Although Ripple agreed to pay a $125 million settlement, far less than the $2 billion originally sought, XRP’s classification as a non-security in secondary market transactions brought crucial regulatory clarity. This resolution has reduced uncertainty surrounding the asset, offering relief to its holders.
Why Altcoin Season Is Likely ApproachingBitcoin’s halving event in early 2024 may significantly impact the broader cryptocurrency market. Historically, these events, which reduce Bitcoin mining rewards, often trigger a market surge, particularly favoring altcoins about six months after the event.
Currently, the total cryptocurrency market capitalization has reached $2.19 trillion. Bitcoin has climbed to $63,000, while Ethereum has surpassed $2,600. This steady rise in Bitcoin’s value, combined with the strong performance of altcoins like XRP, suggests a potential market shift.
In addition, increasing global interest in cryptocurrency adoption and clearer regulations following Ripple’s settlement are fueling optimism. As the market matures and expands with new applications, many believe the long-anticipated altcoin season could finally be approaching.
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