Dominance Chart (BTC and ETH) – Source: CoinMarketCap

Bitcoin (BTC) just made a new all-time high after climbing above the $124,000 level while ETH pushed through a long-dated resistance at $4,100. ETH’s rise along with BNB Coin’s push to a new all-time high and Solana’s move above $200 are considered strong signs that altcoin season has started.

Now that Ripple has gotten rid of its legal issues, this token could keep rallying despite this latest pullback. The regulatory environment has improved dramatically and it is now not a matter of if but when an XRP spot ETF will be approved.

The odds that such a vehicle will receive the SEC’s nod in October are quite high and that would set the stage for a major run, especially as President Donald Trump has vowed to allow 401(k) accounts to invest in cryptos.

These accounts hold an estimated $8 trillion worth of assets. Once an XRP spot ETF is listed, even if a tiny percentage of those funds is moved toward those vehicles, it could result in a significant liquidity boost for Ripple’s native asset.

XRP Pulls Bear Trap But Could Still Drop to $2.75

This positive outlook does not necessarily mean that XRP can’t drop to lower levels. The 4-hour chart shows that the price action broke below the 200-period exponential moving average (EMA) during today’s session.