The cryptocurrency market is witnessing a quiet but powerful shift. While Bitcoin continues to break records—surpassing $99,000 and fueling bullish sentiment across the board—an unexpected wave of momentum is lifting veteran altcoins. At the forefront of this resurgence is XRP, which has surged over 180% in just one month, breaking through key resistance levels and reclaiming multi-year highs.
This isn’t just a one-off rally. Major legacy altcoins like Cardano (ADA), Stellar (XLM), and Solana (SOL) are also showing strong upward movement. Combined with rising trading volumes and renewed institutional interest, these developments suggest that the long-awaited alt season may finally be on the horizon.
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The XRP Surge: A Perfect Storm of Catalysts
XRP’s price has skyrocketed from around $0.50 to over $1.43—a staggering 182.4% gain—making it one of the top performers in the crypto space this year. According to Bitget data, XRP briefly crossed $1.416 USDT on November 22, with a 24-hour surge exceeding 30%.
But what’s driving this momentum?
Regulatory Clarity Sparks Optimism
For years, XRP was weighed down by its high-profile legal battle with the U.S. Securities and Exchange Commission (SEC). The uncertainty surrounding its classification as a security stifled adoption and exchange listings.
However, recent developments have dramatically shifted the narrative:
- In July 2023, a U.S. court ruled that XRP sales on digital exchanges do not constitute securities offerings, marking a partial win for Ripple Labs.
- While Ripple was fined $125 million for unregistered institutional sales, the ruling opened the door for broader market acceptance.
- In October 2023, the SEC announced plans to appeal the decision, maintaining regulatory pressure.
Now, a pivotal change looms: Gary Gensler, the SEC chair known for his strict stance on crypto regulation, will officially step down on January 20, 2025. His departure—confirmed via the SEC’s official website—has sparked widespread speculation about a softer regulatory environment ahead.
Market analysts believe this transition could lead to settlements or even dismissals of ongoing cases against projects like Ripple. With regulatory overhangs potentially lifting, investors are re-evaluating XRP’s long-term value proposition.
Record Futures Activity Reflects Growing Confidence
Bullish sentiment isn’t just theoretical. On-chain and derivatives data reveal concrete signs of growing institutional and retail interest.
According to CoinGlass, XRP futures open interest (OI) has reached nearly $2.44 billion, an all-time high. Open interest measures the total number of outstanding derivative contracts and is widely used as a gauge of market participation and sentiment.
Such a spike indicates strong positioning ahead of potential ETF approvals and regulatory clarity—two catalysts that could unlock even greater inflows.
Institutional Momentum Builds for XRP ETFs
The surge in speculative interest is being matched by serious institutional moves.
Multiple asset managers have filed applications for XRP-based exchange-traded funds (ETFs), signaling growing confidence in the asset’s legitimacy and future performance.
Key ETF Filings Fuel Market Hype
- Bitwise: Submitted an XRP ETF application in early October. Their S-1 filing reveals plans to use cold storage for asset custody, with limited hot wallet access for efficient fund operations.
- Canary Capital: Filed for the “Canary XRP ETF,” aiming to offer exposure without requiring direct ownership. It will track the CME CF Ripple Index as its pricing benchmark.
- Grayscale Investments: Applied to convert its Digital Large Cap Fund (GDLC) into an ETF. As of September 30, the fund held approximately 6.8% in XRP, alongside Bitcoin and Ethereum.
- 21Shares: Submitted the “21Shares Core XRP Trust” application on November 2, adding further weight to the ETF momentum.
These filings follow the successful launches of Bitcoin and Ethereum spot ETFs—precedents that strengthen the case for XRP’s approval.
While no decision has been made yet, the mere presence of multiple applications reflects a strategic bet on XRP’s evolving regulatory standing and growing investor demand for diversified crypto exposure.
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Are We Entering a New Alt Season?
The concept of an “alt season” refers to periods when alternative cryptocurrencies outperform Bitcoin in terms of price growth and market attention. Historically, these cycles follow Bitcoin dominance peaks, as capital rotates into higher-risk, higher-reward assets.
Measuring Altcoin Market Health
The CMC Cryptocurrency Altcoin Season Index offers real-time insight into market dynamics. This index evaluates the performance of the top 100 altcoins against Bitcoin over a 90-day window.
As of late November, the index stands at 27/100, indicating that Bitcoin still dominates. However, trends tell a more promising story:
- The index rose from a low of 13 at the start of November to 28 by November 21.
- This steady climb suggests increasing investor appetite for altcoins.
- Historical highs reached 50 earlier in the year, showing there’s significant room for further upside.
Additionally, Kaiko reports that altcoin weekly trading volume has surged past $300 billion—the highest since 2021. Notably, DOGE, XRP, SOL, and PEPE accounted for 60% of total volume, highlighting concentrated momentum in select assets.
Legacy Altcoins Reclaim Relevance
Beyond XRP, other established projects are regaining traction:
- Cardano (ADA): Rose from $0.33 to nearly $0.90 (+170%)
- Stellar (XLM): Jumped from $0.09 to $0.294 (+220%)
- Solana (SOL): Maintained strong performance amid ecosystem growth
These gains reflect renewed confidence in projects with functional blockchains, active development teams, and real-world use cases—contrasting sharply with purely speculative meme coins.
Still, meme tokens like DOGE and PEPE remain influential due to their viral nature and social media-driven rallies. For now, they coexist with the resurgence of fundamentals-driven altcoins.
Frequently Asked Questions (FAQ)
What triggers an alt season?
An alt season typically begins after Bitcoin consolidates following a major rally. As early adopters take profits, capital flows into undervalued altcoins with higher growth potential. Key triggers include regulatory clarity, ETF approvals, technological upgrades, and macroeconomic conditions.
Is XRP a good investment right now?
XRP appears attractively positioned due to improving regulation, rising institutional interest, and strong technical momentum. However, investors should consider ongoing legal risks and market volatility before allocating funds.
Can XRP reach $10?
While speculative targets like $10 circulate online, such projections lack fundamental basis. Realistic price expectations depend on adoption, utility in cross-border payments via RippleNet, and broader market conditions.
How does ETF approval impact XRP?
An approved XRP ETF would bring regulated exposure to traditional investors, increase liquidity, reduce volatility over time, and validate XRP’s status as a legitimate digital asset—similar to the effects seen with Bitcoin and Ethereum ETFs.
Why are old altcoins rising now?
Legacy altcoins are benefiting from renewed trust in their technology and teams, combined with improved market sentiment and reduced regulatory fears—especially surrounding major players like Ripple.
What’s the difference between Bitcoin dominance and alt season?
Bitcoin dominance measures BTC’s share of total crypto market cap. When it declines, capital is moving into altcoins—often signaling the start of an alt season. A sustained drop below 50% usually confirms widespread altcoin strength.
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Final Outlook: A Shift in Market Dynamics
While we may not be fully in an alt season yet, all indicators point toward a meaningful rotation into alternative assets.
XRP’s leadership role—driven by regulatory progress, futures activity, and ETF speculation—has reignited interest in overlooked but technically sound projects. Combined with rising trading volumes and growing institutional participation, these factors form a compelling case for broader altcoin recovery.
If Bitcoin stabilizes above $90K and macro conditions remain favorable, the next few months could see sustained outperformance from high-conviction altcoins—ushering in a new chapter of innovation and investment across the ecosystem.
The question isn’t if another alt season will come—it’s when, and whether investors are ready to act when it does.