Altcoin season watch: Ethereum nears 4-year high, XRP jumps 7%
ETH, XRP lead altcoin rally with major breakout signs
The crypto market is showing signs of revival after a quiet June, with Ethereum and XRP leading a broader altcoin resurgence.
Ethereum (ETH) surged 9% to breach $3,400, fueled by a breakout from long-term resistance. Meanwhile, XRP gained over 7%, driven by growing expectations of a favorable outcome in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
This uptick in market activity signals a potential altcoin season led by Layer-1 blockchains and supported by rising institutional interest, particularly in Ethereum.
Key takeaways
- Ethereum surges past $3,400, breaking a multi-year resistance and nearing a 4-year accumulation breakout zone.
- XRP climbs 7%, bolstered by optimism over a possible SEC settlement and signs of whale accumulation.
- Altcoin season may be shifting toward Layer-1 utility tokens, moving away from memecoin hype.
Ethereum eyes major breakout
Ethereum’s price rally has put it just 9.7% away from breaking a 4-year technical triangle, which analysts say could trigger a parabolic rise.
ETH price dynamics. Source: TradingView
Renowned trader Michaël van de Poppe described the move above the $2,800 resistance level as a strong bullish signal, confirming Ethereum’s leadership role in the current market cycle.
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Institutional interest is growing as Ethereum gradually chips away at Bitcoin’s long-standing dominance in the ETF space, attracting significant attention from major investors.
Adding weight to this momentum, SharpLink Gaming, a publicly traded company, revealed a $32 million ETH acquisition, totaling 9,424.69 ETH. The purchase suggests increasing confidence in Ethereum’s long-term value proposition, especially compared to Bitcoin.
XRP gains on legal hopes and whale activity
XRP is also gaining traction as investors eye a potential final settlement in Ripple’s case with the SEC. While no verdict has been issued, speculation around a resolution has ignited fresh demand.
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XRP is also gaining momentum, rising to 3.15 (up over 7%) in the last 24 hours.
XRP price dynamics. Source: TradingView
On-chain data reveals a spike in large XRP transactions, interpreted by analysts as a signal that whales are positioning ahead of a significant price movement. If relistings on U.S. exchanges follow a legal resolution, XRP could see a sharp upward trajectory.
Conclusion
The renewed altcoin rally, led by Ethereum and XRP, could mark the start of a more utility-driven crypto bull phase.
Bitcoin's breakout above $120,000 is reminiscent of previous cycles when altcoins followed BTC and then overtook it. Historical data confirms that in 2017 and in 2020, Ethereum and XRP showed a sharp spurt after BTC's rise. History may repeat itself, and if ETH overcomes the resistance level of $3500 and XRP continues to rise, a strong rise in altcoins may begin.
With rising institutional inflows and legal developments looming, the next few weeks may be pivotal for both assets.
We also reported that Ethereum surpasses Johnson & Johnson by market cap.
