This research suggests that the price of $XRP and other similar cryptocurrencies may enter altcoin season in the near future. The expert, however, believes that the US Securities and Exchange Commission (SEC) should immediately make a decision on the Bitcoin exchange-traded fund (ETF).
If the EU gives its blessing to this financial instrument, it will significantly reduce the uncertainty surrounding the emerging market. There have been some changes to Bitcoin ETF spot applications over the past day.
This shift coincides with a general increase in volatility and could herald news that will either kick off crypto season or send the XRP price back into dangerously high territory. According to analyst Eric Balchunas, the best case scenario for XRP and other tokens is the approval of the SEC ETF.
There may be some disagreement with the SEC over these seemingly minor clarifications. Therefore, I would not say that approval is inevitable; however, I think the fact that issuers are "engaging" with the SEC on this issue is very encouraging.
#XRP price fell 2% over the previous 24
hours and at the time of writing was trading at $0.47. This is below the important psychological level of approximately $0.5. Among major cryptocurrencies, XRP had one of the worst weeks last year, falling 9%.
As Bitcoin's influence wanes, will the price of XRP rise to its highs?
#bitcoin Dominance (BTC.D) has fallen recently
was recorded by an anonymous expert on social media platform X. This indicator calculates the percentage of the total market capitalization of the cryptocurrency owned by BTC.
The altcoin market fares better when Bitcoin's dominance falls, as it indicates money is moving from the leading cryptocurrencies to others. According to the analyst, BTC.D is at a critical level where it will encounter a high resistance level.
Thus, the result of the metric may account for less than half of the entire crypto market capitalization. When BTC.D was at its current level, the price of HPP broke above $0.60 and then $0.70, two key resistance levels. The expert said:
$BTC.D We have reached a point where news of the $XRP lawsuit victory has begun to spread. For many coins, including BTC, this event marked an all-time high in 2023 and sparked a massive rally to date.
