Coinspeaker
Analysts Predict Ripple’s Victory Over SEC Could Ignite Long-Awaited Altcoin Surge
The cryptocurrency market has been rife with forecasts and expectations over the years, many of which have not come to fruition, particularly in 2023. However, the recent developments surrounding Ripple’s XRP partial legal success against the US Securities and Exchange Commission (SEC) might finally create the conditions for the long-expected altcoin season that analysts are now beginning to foresee.
Altcoins on the Rise as Ripple Prevails
For almost three years, crypto investors and traders have been eagerly awaiting a significant shift in the market. Crypto analyst Matthew Perry noted that certain altcoins, including XRP
XRP
$0.59
24h volatility:
-1.7%
Market cap:
$33.06 B
Vol. 24h:
$1.11 B
, are beginning to show minor gains. Ripple’s native token, XRP, is proving its resilience, while others, such as Binance Coin
BNB
$588.9
24h volatility:
0.6%
Market cap:
$85.97 B
Vol. 24h:
$935.55 M
and Solana are still facing challenges.
Nonetheless, Bitcoin (BTC) and Ethereum (ETH) have shown positive trends recently, with Bitcoin’s price increasing by 1.20%, and Ethereum rising by 2.90% in the last 14 hours. Notably, both cryptocurrencies gained 8.50% and 15.90% respectively over the past week.
Source: CoinMarketCap
In the meantime, Bitcoin’s market dominance has decreased from 57% to 54.3%, a crucial indicator often signaling the commencement of an altcoin season. Perry notes that such trends typically emerge around six months post-Bitcoin halving, with a new all-time high predicted for 2025.
Ripple’s ongoing legal issues with the SEC have remained a central topic in the crypto sector. Since 2020, the SEC has maintained that Ripple’s sales of XRP constituted unregistered securities offerings. This lawsuit significantly impacted the market, contributing to the downturn that marked much of 2023.
However, Ripple’s recent legal success against the SEC in 2024 has greatly enhanced market sentiment. Although Ripple agreed to a $125 million settlement, significantly lower than the initially sought $2 billion, the clarity gained from XRP’s classification as a non-security in secondary transactions has alleviated uncertainty for its holders.
Why Altcoin Season Is Likely Approaching
The Bitcoin halving event scheduled for early 2024 could significantly influence the broader cryptocurrency market. Historically, these events, which reduce Bitcoin mining rewards, often catalyze a market surge, especially benefiting altcoins about six months post-event.
Currently, the total cryptocurrency market capitalization stands at $2.19 trillion, with Bitcoin climbing to $63,000 and Ethereum surpassing $2,600. This consistent rise in Bitcoin’s value, coupled with the strong performance of altcoins like XRP, indicates a potential market shift.
Moreover, increasing global interest in cryptocurrency adoption and clearer regulations following Ripple’s settlement are fostering optimism. As the market matures and expands with new uses, many believe the long-anticipated altcoin season could soon be on the horizon.
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Analysts Predict Ripple’s Victory Over SEC Could Ignite Long-Awaited Altcoin Surge
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