Will Altcoins Hit $0.72?

Ripple (XRP) price is up 6% today and looks set to end September strongly. However, as October 2024 approaches, ongoing regulatory developments, institutional inflows, and a few other factors will determine whether XRP will have an interesting month or not.

As investors eagerly await clues about XRP’s price potential, this analysis examines key technical indicators, whale movements and market sentiment, providing insight into what to expect from the token in the coming month

Ripple takes these factors into account as market interest increases

Since the beginning of the month, the price of XRP has increased by 10% and starts this month at $0.55. At press time, the altcoin was valued at $0.62. This positive return could be related to the overall market recovery, particularly Grayscale’s launch of the XRP Trust two weeks ago.

For some investors, the trust appears to be the first step toward an XRP ETF despite the current regulatory challenges. Some also believe that the October development will have a positive impact on the price of XRP.

Furthermore, the rise in the token’s Open Interest (OI) appears to be in line with this sentiment. As of this writing, XRP’s open interest is nearly $900 million. This indicates a significant increase in speculative activity surrounding the token.

In terms of price, a rising OI suggests that more money is flowing into the derivatives market. When this happens during an upswing, it reinforces the trend. Therefore, the price of XRP could continue to rise next month.

Read more: XRP ETF explained: What it is and how it works

However, Juan Pellicer, senior researcher at IntoTheBlock, disagrees with the possible XRP ETF effect. According to him, the launch of Ripple’s stablecoin and integration with Decentralized Finance (DeFi) is likely to have a greater impact in October 2024 and beyond.

“While the launch of an XRP Trust and the possible transition to an XRP ETF are important developments to watch, the main catalyst for ecosystem,” Pellicer told BeInCrypto in an exclusive interview.

Regardless of the key catalyst, data from Santiment shows that crypto whales are buying XRP again. As can be seen below, these whales purchased 60 million tokens worth $37.20 million between yesterday and today. Based on this action, it appears that whales are preparing for a possible XRP price surge as the fourth quarter approaches.

XRP Price Prediction: Ready for Breakout

From a technical perspective, the lack of volatility surrounding the token has prevented the XRP price from reaching $0.70 earlier. However, the daily chart shows that the chance of reaching this value could be higher now.

For example, looking at the Ichimoku cloud, which typically tracks support and resistance, shows that the indicator is below price. When the Ichimoku cloud is below the price, it means support, indicating that the cryptocurrency may have a solid foundation to rise. On the other hand, if the cloud is above the price, it acts as resistance, indicating a possible loss in value.

In the case of XRP, the fact that the cloud is below the price suggests strong support that could potentially push the value above $0.62. With the support at $0.59, XRP price could break the resistance at $0.63.

Read more: How to buy XRP and everything you need to know

After that, the next level the altcoin will reach could be around $0.69, potentially rising to $0.72 before the end of October. However, if XRP sees a significant decline in whale activity over the next few months, this prediction may not come true. Instead, the price of XRP could fall to $0.57.

However, Pellicer, commenting on the price of the cryptocurrency, noted that there could be increased volatility, which could cause the cryptocurrency to fall out of the current tight trading range

“We expect increased volatility for XRP as a result of these developments. The success of the RLUSD stablecoin and its DeFi integration could potentially propel XRP to new annual highs, depending on broader market conditions and regulatory outcomes,” the analyst said.