Ripple ends September on a positive note: over the past 24 hours, the altcoin has gained 6% in price. Regulatory changes, influx of investment from major players and other factors will determine how successful XRP will be will be coming October.
Investors are eagerly looking for clues about the future of XRP’s price. In this analysis, we will look at key technical indicators, major holder activity and market sentiment to offer a forecast for the coming month.
Market interest in Ripple continues to grow
Since the beginning of the month, the price of XRP has increased by 10%, reaching $0.62. This growth can be associated with the recent announcement of the launch of the Grayscale trust on XRP. Some market participants believe the trust will pave the way for ETF approval, despite ongoing regulatory challenges.
In addition, the increase in open interest confirms the positive attitude of investors towards the project. At the time of writing, open interest for XRP stands at almost $900 million, indicating a noticeable increase in speculative activity around the token.
However, Juan Pellicer, senior researcher at IntoTheBlock, believes that the launch of Ripple’s stablecoin and its integration with decentralized finance (DeFi) protocols will have a much greater impact on XRP than ETFs.
Adding to the already positive outlook, data from Santiment shows that crypto whales are buying XRP again. As shown in the chart below, over the past 2 days they have purchased 60 million tokens worth approximately $37.20 million. From this, we can conclude that the whales are preparing for a possible increase in the price of XRP as the 4th quarter approaches.
XRP Price Prediction: Ready to Rush
From a technical perspective, the lack of volatility surrounding the token previously prevented the XRP price from reaching $0.70. However, the daily chart shows that the altcoin now has a good chance of reaching this goal.
Analysis of the Ichimoku cloud, which tracks support and resistance levels, shows that the indicator is below the price. This suggests that XRP has strong support that will help break through the resistance at $0.63.
The altcoin could then reach the next level around $0.69, with the potential to rise to $0.72 by the end of October. However, if whale activity decreases in the coming months, the forecast may not come true. In this case, XRP will return to $0.57.
However, Pellicer notes that XRP could become more volatile, which would take the altcoin out of its current tight trading range.
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Source: Cryptocurrency
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