XRP Could Surge 30% in October, But There's a Catch

XRP Could Surge 30% in October, But There's a Catch

According to recent predictions, XRP might jump to $0.75 in October. The overall cryptocurrency market revived in late 2024, especially after the U.S. Federal Reserve cut interest rates by 50 basis points last week.

While major coins like Bitcoin (BTC), Ethereum (ETH), and other altcoins have seen impressive gains, Ripple's native token XRP has lagged behind, showing mostly stagnant performance on weekly and monthly scales.

However, October, typically known as a bullish month for cryptocurrencies, could bring a significant change for XRP.

XRP in "Uptober"

On weekly and monthly scales, XRP has underperformed, staying relatively flat over the past week and only gaining 1.6% over the past month. In contrast, BTC rose 9% since late August, Binance Coin (BNB) climbed over 11%, and Dogecoin (DOGE) surged by more than 21%.

Ryan Lee, head analyst at Bitget Research, highlighted potential scenarios for XRP. According to the bullish forecast, the seventh-largest cryptocurrency by market cap could surge by 30% and reach $0.75. This is due to the "extremely optimistic" market sentiment, which may persist, especially if there is "positive legal progress" in Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

“Most analysts and investors point to the possibility of an upward trend, which could attract more retail investors and potentially push XRP prices higher,” Lee stated. From a technical perspective, XRP has broken a key trendline, typically seen as a bullish signal. Currently, the asset stands above the 50-day, 100-day, and 200-day moving averages, and other bullish indicators like the MACD and RSI suggest a bright October for XRP holders.

The Catch

However, Lee also outlined a less optimistic scenario—an XRP drop to the $0.45 support level. This could happen if Ripple’s legal battle with the SEC takes a turn for the worse, especially as rumors circulate about the agency’s potential appeal.

Additionally, Lee warned that the large number of analysts predicting "parabolic growth" in October could have the opposite effect on XRP's price. He advised investors not to rely on extreme forecasts, to set stop-loss orders, and to make gradual purchases rather than emotional ones.