The cryptocurrency market is showing fresh signs of activity following a quiet June, with key altcoins like Ethereum and XRP seeing price increases. Analysts predict the onset of a new altcoin season focused on Layer-1 blockchains.
Ethereum Takes the Lead
Today, Ethereum’s price surged 9% to surpass $3,330. The breakout above the critical resistance level of $2,800 has been a significant signal for analysts, including Michaël van de Poppe, who sees it as a sign of returning altcoin strength with Ethereum in the forefront. Currently, ETH is just 9.7% away from breaking out of a massive 4-year-long accumulation triangle, which could trigger a parabolic rally.
Whale Activity and ETF Interest
Supporting the bullish case is unusual whale behavior. A major short position with 18x leverage is currently sitting on a $3.5 million loss. If ETH pushes above $3,500, it could trigger a short squeeze liquidation, adding further fuel to the breakout. Moreover, institutional interest in Ethereum is growing as it steadily chips away at Bitcoin’s long-held ETF dominance.
XRP Gains Support from Legal News
XRP is also seeing renewed momentum, climbing over 7% in the last 24 hours. Analysts suggest this could be linked to the growing speculation around the final resolution of Ripple’s legal battle with the SEC. While no official ruling has yet been issued, investors are hopeful that a settlement or final clarity will open doors for U.S. exchange relistings and institutional adoption. On-chain data shows a spike in large XRP transactions, indicating that whales may be repositioning ahead of a major move.
In summary, the rise in prices for Ethereum and XRP, along with whale activity, may signify the beginning of a new altcoin season. Investors are keeping an eye on market developments and signals.