As July 2025 approaches, leading cryptocurrencies Ripple (XRP), Ethereum (ETH), and Solana (SOL) are showing new signs of strength, laying a positive foundation for the third-quarter market that many analysts are optimistic about.
After experiencing severe fluctuations and macro disturbances in June, the crypto market has gradually stabilized. The approach of several key events is prompting investors to reassess the allocation value of leading assets. Whether it is the legal implementation on the regulatory side, significant upgrades on the technical level, or the institutional funding expectations brought by ETFs, the market is quietly brewing a directional breakthrough. XRP, ETH, and SOL are at the forefront of this change.
Ripple (XRP): Legal fog remains, but on-chain ecosystem steadily expands.
On June 26, 2025, the U.S. Securities and Exchange Commission (SEC) rejected Ripple's proposed $50 million settlement, delaying the final judgment of the case again. Although this news brought short-term volatility, it did not significantly impact the price of XRP, which currently fluctuates around $2.11, demonstrating the market's recognition of its resilience.
The strong support for XRP comes not only from speculative aspects but also from its practicality in global cross-border payments. Ripple's ODL (On-Demand Liquidity) solution has been widely implemented in Asia, Latin America, and the Middle East. Recently, USDC has been officially deployed to the XRP Ledger (XRPL), introducing the capability for stablecoin payments to the network, enhancing its DeFi and enterprise payment ecosystem's scalability.
Although the uncertainty of the law still imposes pressure from above, analysts generally believe that once regulatory clarity is achieved, XRP may experience an explosive market similar to a 'compressed spring'. On-chain data shows that the number of large holders is steadily increasing, and whale wallets have been actively accumulating recently, indicating that preparations for potential favorable developments are underway.
Ethereum (ETH): Rebound potential after June sell-off.
Ethereum's decline in June was particularly significant, dropping from a high point of about $2900 at the end of May to below $2200. This adjustment was mainly influenced by multiple external pressures, including the sell-off of macro risk assets, repeated expectations of Federal Reserve interest rate hikes, and the situation in the Middle East. However, the market quickly halted its decline after reaching technical support levels, indicating that mid to long-term buying interest in ETH remains solid.
The 'Pectra' upgrade officially deployed at the end of June marks a new turning point in the development of ETH. This upgrade introduces the 'smart contract wallet' and 'stablecoin payment of gas fees' functions for the first time, greatly improving user experience. Meanwhile, the staking mechanism has been optimized, enhancing the balance of security and liquidity on the ETH network.
Currently, the staking ratio of the ETH network has exceeded 27%, setting a historical high. More importantly, institutional capital continues to increase. According to tracking data from Bloomberg, three institutions have applied for ETH spot ETFs since June, and if approved in the fall, it is expected to inject tens of billions of dollars in incremental capital into ETH.
Analysts generally believe that Ethereum will be the focus of the next round of 'institutional consensus', with target prices concentrated in the $2800 to $3200 range. If the macro environment aligns, it may even restart an offensive wave above $3500.
Solana (SOL): ETF expectations accelerate capital entry, public chain dark horse gains strength.
After experiencing a deep adjustment in the previous quarter, Solana rebounded strongly at the end of June, with current trading prices stabilizing between $146 and $158. On June 25, global asset management giant Invesco submitted a spot ETF application for Solana to the U.S. SEC, becoming one of the year's most significant narratives. This not only signifies institutional recognition of SOL assets but also indicates that its ecosystem possesses the potential to enter the 'traditional finance track.'
On the technical side, Solana's performance is equally impressive. The mainnet's uptime continues to set new highs, and developer activity on the Solana chain has increased by over 40% year-on-year in the past 30 days. Multiple projects in gaming, DePIN, AI, and other sub-tracks are continuously launching, forming endogenous momentum for the prosperity of the Solana ecosystem.
In addition, SOL's on-chain transaction volume has recently rebounded significantly, with a staking ratio maintained above 65%, indicating strong long-term optimism among holders. In terms of technical graphics, SOL is currently approaching a key resistance level of $180. If it successfully breaks through, it is expected to test the target range of $200 to $220, and some optimistic analysts even predict a challenge of $260 in the third quarter.
Conclusion: Three leading players, three logics, who will lead the new market cycle?
The legal breakthrough for XRP, the technological evolution of ETH, and the institutional expectations for SOL each depict different rising logics, yet they are all jointly brewing the next phase of the main rally. As we enter the third quarter, with the Federal Reserve's interest rate cut window approaching, the approval of ETFs nearing, and macro sentiment warming, the market is very likely to welcome a long-awaited comprehensive explosion.
For investors, these three major cryptocurrencies are both a 'touchstone' for capital faith and the 'vanguard' of the next round of institutional bull markets. Before the market gradually forms a consensus, it may be the most critical time window worth paying attention to.
