XRP on Verge of Rally as Altcoin Season Looms
Glassnode’s founder, who goes by the name “Negentropic” on X (formerly Twitter), shares an insight into the current state of the market.
The Glassnode founder highlights a significant trend that was seen earlier on the market, with XRP, Ethereum and altcoins rallying alongside Bitcoin after Grayscale secured an important win against the United States Securities and Exchange Commission (SEC).
Rally for Summer Closing
ETH thrives in the ongoing bull market, with price surging to $1736, breaching $1700 resistance.
🔶Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Polygon also join the profit-making spree.
🔷Amid asset rally, Altcoin Signal shifts… pic.twitter.com/PQziTNQU24
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) August 31, 2023
XRP saw a jump, rising to highs of $0.549 on Aug. 29 before a retreat. Now, on the last day of August, profit-taking has ensued, and the Glassnode founder refers to it as a “rally for summer closing.” He adds that amid the asset rally, the most important altcoin signal has shifted to BTC dominance.
More importantly, initial signs of an approaching altcoin season are beginning to emerge.
XRP set to gain
In his tweet, Glassnode founder “Negentropic” highlights that altcoins are set to benefit from stronger system dynamics, as initial signs of an approaching altcoin season emerge.
Altcoin season, also known as alt season, is a time when the prices of altcoins considerably rise and outperform Bitcoin (BTC).
This typically occurs when the price of Bitcoin slows following a large rally and investors reallocate their profits to other coins, triggering a new bull market for altcoins.
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As noted in Coinshares’ most recent weekly report, an intriguing trend is already taking place. Outflows from digital asset investment products totaled $168 million, the highest outflow since the U.S. regulatory assault on exchanges in March 2023.
Bitcoin accounted for the lion’s share, with outflows totaling $149 million last week. XRP, on the other hand, had moderate inflows, indicating positive investor confidence.
At the time of writing, XRP was marginally down 0.20% in the last 24 hours to $0.522.