XRP Leads the Charge: Are Old-School Altcoins Signaling a New Alt Season?

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The crypto market is buzzing with renewed momentum, as Bitcoin surges past $99,000, igniting a broader rally across digital assets. While much attention has been on meme coins and speculative plays, a quieter but powerful shift is underway—veteran altcoins are staging a comeback. At the forefront of this movement is XRP, whose recent breakout has sparked speculation: is the long-awaited alt season finally returning?

With XRP climbing over 180% in just one month and other legacy tokens like ADA, XLM, and SOL posting triple-digit gains, the signs point to a broader market rotation. But what’s driving this resurgence? And could it signal the beginning of a sustained altcoin rally?

XRP’s Surge: More Than Just Price Action

On November 22, XRP broke past $1.40, reaching $1.416—a 30% gain in just 24 hours. This wasn’t a flash-in-the-pan move. Since early November, XRP has risen from around $0.50 to over $1.43, marking an 182.4% increase and its highest level in more than three years.

This surge isn’t isolated. According to Kaiko, altcoin weekly trading volume surged past $300 billion by November 18—the first time since 2021. Notably, XRP, DOGE, SOL, and PEPE together accounted for 60% of that volume, showing strong market participation across both established and meme-driven assets.

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Other legacy altcoins are following suit:

These aren’t random spikes—they reflect a renewed confidence in foundational blockchain projects that have weathered bear markets and regulatory scrutiny.

Regulatory Shifts: The Gary Gensler Effect Fades

One of the biggest catalysts behind XRP’s rally is the shifting regulatory landscape—particularly in the U.S.

For years, XRP was under a cloud due to the SEC’s lawsuit against Ripple Labs, which began in 2020. The case hinged on whether XRP was an unregistered security. In July 2023, a partial victory came when a judge ruled that XRP sales on public exchanges did not constitute securities, though institutional sales did.

Despite the SEC appealing the decision, sentiment began to shift dramatically in November 2024 when SEC Chair Gary Gensler announced he would step down on January 20, 2025. This news sent shockwaves through the crypto community.

Gensler’s tenure was marked by aggressive enforcement actions against crypto firms, including Ripple, Coinbase, and Binance. His departure opens the door for a more balanced regulatory approach, potentially paving the way for settlements or even case dismissals.

Market participants interpreted this as a green light for XRP and other contested assets. The result? A flood of speculative and institutional interest.

On-Chain Data Confirms Growing Momentum

According to CoinGlass, XRP futures open interest (OI) has reached nearly $2.44 billion—a new all-time high.

Open interest measures the total number of outstanding derivative contracts not yet settled. A rising OI suggests increasing market participation and bullish sentiment.

This level of derivatives activity signals that traders aren’t just buying spot—they’re leveraging positions, anticipating further upside.

ETF Hype Builds: Institutional Demand Returns

Beyond regulatory relief, another powerful force is driving XRP’s revival: the push for XRP exchange-traded funds (ETFs).

In early October 2024, Bitwise confirmed it had filed for an XRP ETF, with plans to use cold storage for asset custody and CME’s CF Ripple Index as a pricing benchmark. Just days later, Canary Capital followed with its own filing for the “Canary XRP ETF,” emphasizing growing investor demand for regulated exposure.

Then came Grayscale, which submitted an application to convert its Digital Large Cap Fund (GDLC)—which already holds XRP—into an ETF. Given Grayscale’s success with Bitcoin and Ethereum ETF conversions, this move adds serious credibility.

Finally, 21Shares entered the race with its “Core XRP Trust” application.

While no approval is guaranteed, the sheer number of filings reflects a critical shift:
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With Bitcoin and Ethereum ETFs now mainstream, the market is primed for the next wave—altcoin ETFs.

Is an Alt Season Really Coming?

To gauge whether we’re entering a true alt season, analysts often turn to the CMC Altcoin Season Index. This metric tracks the performance of the top 100 altcoins relative to Bitcoin over the past 90 days.

As of late November 2024, the index stands at 27 out of 100—still indicating Bitcoin dominance. However, the trend is unmistakable:

Historically, readings above 75 suggest a full-blown alt season. But even at 27, this upward trajectory signals that capital is beginning to rotate out of Bitcoin and into alternative ecosystems.

Why This Rotation Matters

During bull markets, capital typically flows in phases:

  1. Bitcoin leads – early adopters and institutions buy in
  2. Large-cap alts follow – ETH, SOL, XRP gain traction
  3. Mid-cap alts surge – ADA, AVAX, MATIC catch fire
  4. Meme coins explode – DOGE, SHIB, PEPE go parabolic

We appear to be in Phase 2, where proven networks with real use cases regain investor trust.

That said, meme coins still dominate social sentiment and short-term trading volume. Their viral nature ensures they’ll remain relevant—but sustainability favors fundamentals.

Frequently Asked Questions (FAQ)

📌 What is an "alt season"?

An alt season refers to a market phase where altcoins significantly outperform Bitcoin in terms of price growth and trading volume. It usually occurs after Bitcoin stabilizes following a major rally, allowing investors to seek higher returns in riskier but potentially more rewarding assets.

📌 Why is XRP rising now?

XRP’s surge is driven by three key factors:

  1. Regulatory optimism following Gensler’s departure announcement
  2. Growing ETF speculation from Bitwise, Grayscale, and others
  3. Strong market momentum reflected in record futures open interest

📌 Can old-school altcoins really make a comeback?

Yes—especially those with active development, real-world use cases, and improving on-chain metrics. Projects like Cardano (smart contracts), Stellar (cross-border payments), and Solana (DeFi/NFTs) have evolved beyond their early reputations and are now integral to the crypto ecosystem.

📌 How do I know if an alt season has started?

Watch the CMC Altcoin Season Index and:

A sustained rise across these indicators confirms rotation.

📌 Are meme coins part of alt season?

Absolutely—but they often represent the late stage of the cycle. While DOGE and PEPE contribute to overall altcoin volume, their price action is more speculative. A healthy alt season starts with fundamental projects before momentum carries it into meme territory.

📌 What should investors do now?

Consider a balanced approach:

Final Thoughts: A New Chapter for Altcoins?

The stars may be aligning for a sustainable alt season—not driven by hype alone, but by regulatory clarity, institutional interest, and strong technical performance.

XRP’s leadership in this move is symbolic: once embattled by legal uncertainty, it’s now at the center of a broader narrative about resilience, innovation, and market maturation.

While Bitcoin remains the gateway to crypto adoption, the next leg of the bull run may belong to those who’ve waited patiently for recognition—the old guard of altcoins.

Whether this momentum sustains into 2025 depends on continued regulatory progress and macroeconomic conditions. But one thing is clear:
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The comeback story of veteran altcoins has only just begun.