XRP Price Prediction: Ready for Breakout as Q4 Approaches?

Up by 6% today, Ripple's (XRP) price appears to be ending September on a strong note. But as October 2023 approaches, ongoing regulatory developments

As September draws to a close, Ripple (XRP) fiyatı is showing a promising uptick with a 6% gain today. However, as we head into October 2024, several key factors will shape XRP's price trajectory, including ongoing regulatory developments, institutional inflows, and technical indicators.

Investors are closely monitoring these aspects to gauge whether XRP will have an exciting month ahead. This analysis delves into crucial technical indicators, whale movements, and market sentiment to provide insights into what we can expect from the token in the coming month.

Ripple Looks to These Factors as Market Interest Rises

On a month-to-date basis, XRP's price has seen a 10% increase, kicking off the month at $0.55. At press time, the altcoin is valued at $0.62. This positive return could be linked to the broader market recovery, especially with Grayscale launching the XRP Trust two weeks ago.

For some investors, the trust is seen as a first step towards an XRP ETF, despite the ongoing regulatory hurdles for the product. Some believe that this development will positively influence XRP's price in October.

Moreover, a surge in the token's Open Interest (OI) seems to align with this sentiment. As of this writing, XRP's Open Interest stands at nearly $900 million. This indicates a notable increase in speculative activity around the token.

An increasing OI, in terms of price, suggests that more資金 is flowing into the derivatives market. When this occurs during an uptrend, it adds strength to the trend. Hence, XRP's price could continue to ascend into next month.

の方もいます: XRP ETFとは？その仕組みを解説

On the other hand, Juan Pellicer, Senior Researcher at IntoTheBlock, has a differing view on the potential XRP ETF impact. According to him, Ripple's stablecoin launch and Decentralized Finance (DeFi) integration will have a greater influence on XRP in Q4 2023 and beyond.

“While the launch of an XRP Trust and potential transition to an XRP ETF are important developments to watch, the primary catalyst for XRP in Q4 2023 is expected to be the launch of their RLUSD stablecoin and its integration into the DeFi ecosystem,” Pellicer told BeInCrypto in an exclusive interview.

Irrespective of the primary catalyst, data from Santiment shows that crypto whales are once again accumulating XRP. As seen below, these whales purchased 60 million tokens, valued at $37.20 million, between yesterday and today. This action suggests that whales are preparing for a potential XRP price surge as Q4 approaches.

XRP Price Prediction: Poised for a Breakout

From a technical standpoint, a lack of volatility around the token has prevented XRP's price from reaching $0.70 earlier; however, the daily chart now indicates a higher chance of hitting that value.

For instance, a look at the Ichimoku cloud, which usually tracks support and resistance, shows that the indicator is positioned below the price. When the Ichimoku cloud is below the price, it signifies support, indicating that the cryptocurrency might have a solid foundation to push higher. Conversely, when the cloud is above the price, it acts as resistance, suggesting a potential decline in value.

In XRP's case, the cloud being below the price implies strong support, potentially driving the value higher than $0.62. With support at $0.59, XRP's price might breach the resistance at $0.63.

After that, the next level for the altcoin to aim for could be around $0.69, potentially moving up to $0.72 before October ends. However, if XRP sees a significant drop in whale activity in the coming months, this prediction may not hold, and XRP's price could instead decline to $0.57.

Pellicer, however, commenting on the cryptocurrency's price, noted that it may experience increased volatility, which could push it out of the current tight trading range.

“We anticipate greater volatility for XRP as these developments unfold. The success of the RLUSD stablecoin and its DeFi integration could potentially drive XRP to new yearly highs, subject to broader market conditions and regulatory outcomes,” the analyst added.

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