The XRP price is currently trading sideways with low volatility, amidst a spike in selling pressure in the overall crypto market. Despite the bearish sentiment, one analyst remains optimistic about the XRP Ledger native token. At the moment, XRP is trading below the critical psychological level of $0.5, currently standing at $0.47 with a 2% loss in the last 24 hours. Over the past week, XRP has been one of the worst-performing cryptocurrencies, experiencing a 9% loss. However, the analyst points out that a decline in Bitcoin Dominance (BTC.D) could benefit altcoins like XRP. With BTC.D facing substantial resistance and the potential of returning below 50% of the total crypto market cap, the XRP price could rally above key levels of resistance in the near future.
This analysis suggests that an altcoin season could be on the horizon, including the possibility of a bullish run for the XRP price. However, the analyst believes that the decision by the US Securities and Exchange Commission (SEC) regarding the spot Bitcoin Exchange Traded Fund (ETF) is crucial for the altcoin sector. The approval of the ETF could bring much-needed certainty to the nascent sector and trigger the altcoin season. Recent movements and discussions surrounding the spot Bitcoin ETF applications indicate a potential for fresh news that could either kickstart the altcoin season or push the XRP price back to critical levels. While the approval of the ETF is not imminent, the ongoing communication between issuers and the SEC is seen as a positive development that could impact XRP and other tokens positively.
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