Bitcoin's price continues to refresh historical highs, surpassing the impressive $99,000 mark, activating the activity of the entire cryptocurrency market. At the same time, established altcoins are gradually breaking free from silence, with Ripple (XRP) showing particularly outstanding performance. According to Bitget market data, as of November 22, XRP once broke through the $1.4 mark, currently quoted at $1.416, with a 24-hour increase of over 30%.
Does this indicate the full return of the altcoin season?
Established altcoins quietly rising, is the glory of the Meme market fading?
Compared to social-driven Meme coins, the recovery of established altcoins like XRP, ADA, and XLM appears more 'low-key and restrained'. Although they do not rely on high-frequency speculation like Meme coins, they have attracted market attention again with robust gains.
Kaiko data shows that as of November 18, the weekly trading volume of altcoins exceeded $300 billion, the first time since 2021, with DOGE, XRP, SOL, and PEPE accounting for 60% of the market share.
From November until now, XRP's price has risen from around $0.5 to $1.435, with a cumulative increase of 182.4%, reaching a three-year high. Equally notable are:
ADA: Soared from $0.33 to $0.9, with an increase of nearly 170% this month;
XLM: Raised from $0.09 to $0.294, with an increase of over 220%.
These data indicate that established altcoins are breaking free from stagnation and reshaping their market position with actual performance. If this trend continues, established coins and hot tokens may intertwine, jointly driving the market towards a larger-scale 'altcoin season'.
The driving force behind XRP's rise: Regulatory easing and the ETF craze.
A turning point in the regulatory dilemma.
In retrospect, XRP has been struggling with a lawsuit from the U.S. Securities and Exchange Commission (SEC). Although Ripple achieved victories in some rulings in July 2023, the SEC's characterization of its sales activities remains controversial. More complexly, the SEC announced in October that it would appeal the relevant rulings, a decision that once made the market uneasy.
However, the situation welcomed a dramatic turn in November. Trump's victory and SEC Chairman Gary Gensler announcing his departure in 2025 injected new expectations into the market.
Gary Gensler's regulatory stance has always been very tough on the crypto industry, especially Ripple. However, his impending departure, combined with Trump's policy stance possibly leaning more towards the market, is gradually changing market expectations.
Market analysis generally believes that the long-term legal dispute between Ripple and the SEC may tend to ease in the future, which brings a rare legal environment benefit for XRP.
The wave of ETF applications, institutional confidence returning.
In addition to regulatory easing, several institutions have begun to apply for XRP-related ETFs, further strengthening the market's confidence in XRP:
Bitwise: Applied in October to launch a cold storage custody-based XRP ETF.
Canary Capital: Their application for the Canary XRP ETF plan uses the CME CF Ripple Index, tracking prices and providing diversified investment channels.
Grayscale: Plans to convert the Digital Large Cap Fund into an ETF, with XRP making up a certain proportion.
21Shares: Applied for an XRP spot ETF in November, named '21Shares Core XRP TRUST'.
These continuous applications indicate institutional investors' recognition of XRP's future potential. Especially in the context of Bitcoin and Ethereum ETFs being approved successively, the wave of XRP ETFs marks the market's re-evaluation of the value of established altcoins.
Is the altcoin season really coming?
According to CMC's Altcoin Season Index, the current index is at 27/100, indicating that the market is still dominated by Bitcoin. However, the recent performance of altcoins has already revealed signs of capital rotation:
The index has gradually climbed from a low point of 13 this month, reaching 28 on November 21, indicating that market interest in altcoins is warming.
Combining historical trends, if the index continues to rise above 50, the altcoin season may truly begin.
In addition, the overall market capitalization of altcoins has grown steadily, albeit slowly. Especially driven by the strong performance of XRP and ADA, the market is beginning to reassess the value of established altcoins.
The altcoin season may have just begun.
Although Meme coins still dominate in popularity in the short term, established altcoins are reoccupying investors' views in a steady manner. Whether it is due to regulatory relaxation or market recognition brought by the ETF wave, these positive factors are driving the resurgence of altcoins.
Currently, Bitcoin's bull market has ignited enthusiasm across the entire crypto market, while established altcoins have quietly built momentum, waiting for an explosion. For investors, it may be time to reassess the potential of XRP, ADA, XLM, and other coins, and seize the new opportunities brought by the altcoin season.
Ultimately, whether the altcoin season can fully arrive depends on further changes in market sentiment, capital flows, and policy environment. However, the current signs seem to be quietly answering this question: The altcoin season is really coming!
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