The entire cryptocurrency market has experienced a late 2024 revival since the middle of last week when the US Federal Reserve cut the interest rates in the country by 50 basis points.
While BTC, ETH, and other altcoins have produced impressive gains, Ripple’s native token is trailing behind, trading mostly flat on a weekly and even monthly scale. However, that could change in October, which is typically regarded as a highly bullish month for crypto.
XRP in October
Looking at the aforementioned weekly and monthly scale, XRP’s performance has been quite underwhelming. It has flatlined since the same time last week and is up by merely 1.6% compared to last month. In contrast, BTC is up by 9% since late August, BNB has gained over 11%, while DOGE has soared by more than 21%.
In a statement to CryptoPotato, Bitget Research’s Chief Analyst, Ryan Lee, highlighted the most probable scenarios for Ripple’s token. The bullish prediction sees the seventh-largest cryptocurrency by market cap skyrocketing by 30% and hitting $0.75.
This is because the overall market sentiment has become “extremely optimistic,” and it could continue to be so, especially if there’s “positive legal progress” in Ripple’s battle against the SEC.
“Most analysts and investors highlight the possibility of an upward trend, which may attract more retail investors, potentially driving XRP prices higher.” – Lee stated.
From a technical standpoint, the analyst said XRP had already broken through a key trendline, which is “typically viewed as a bullish signal.” Currently, the asset stands above the 50-day, 100-day, and 200-day moving averages, which, coupled with the bullish signs from indicators like the MACD and RSI, could result in a bright October for XRP holders.
The Catch
Although the prediction above paints a beautiful picture for XRP bulls, Lee also outlined another possibility—a drop to the $0.45 support level. That could transpire should the legal battle against the SEC take a turn for the worse, especially with speculations about an agency appeal circling now.
Additionally, Lee believes the high number of analysts predicting “parabolic growth” in October could lead to the opposite effect on XRP’s price. As such, he cautioned investors to avoid listening to extreme predictions, set stop-losses, and tend to make incremental purchases instead of emotional ones.
