3 Reasons XRP Price Might Explode In October

The conclusion of the Jackson Hole meeting in Wyoming XRP price volatility on Friday, with the spike above $0.6 targeting $1 in October.
By Akash Girimath
Updated August 27, 2024
Can XRP Price Score A Quick 2X Breakout to $1.5 As Bitcoin Nears $90K?

Highlights

  • XRP price consolidation in the tight range forecasts a near-10% move to $0.657.
  • Ripple supporters wait for the US SEC appeal deadline in early October.
  • XRP could be poised to move beyond $1 if the regulator fails to appeal.

XRP price is back on the bullish market side, piggybacking on the recently concluded Fed’s Jackson Hole meeting in Wyoming. However, Ripple and other crypto majors like Bitcoin (BTC) and Ethereum (ETH) posted losses on Monday August 26, despite evident potential for further growth into the week.
With the conclusion of the SEC vs. Ripple Lawsuit a bullish outlook could return in early October if the US Securities and Exchange Commission (SEC) does not file an appeal.

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XRP Price Consolidates But Outperforms Key Cryptos

XRP price has been moving sideways for more than 48 hours, and its range is tightening, signaling a decline in volatility. Regardless of the recent rangebound movement, Ripple price performance outshines Bitcoin and Ethereum.

XRP vs BTC, ETH Price Performance Since July 
XRP vs BTC, ETH Price Performance Since July

While XRP price outperforms major altcoins, investors should note that this trend could revive in October due to the SEC vs. Ripple lawsuit. 

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Will SEC Appeal Against Judge Torres’ Ruling on Ripple Lawsuit?

Many describe the US SEC as using force in matters related to the crypto landscape due to the actions taken against crypto-based companies and developers. Therefore, investors can expect the SEC to file an appeal against the lawsuit ruling and also the secondary sales of XRP to institutional investors.

After the initial ruling on August 7, the regulator has 60 days to file an appeal. If the appeal is not filed after the deadline, the lawsuit will be considered as settled. Such a development would be interpreted as bullish by the speculators and could trigger another impulsive move to the upside for XRP price.

Many believe the regulator could be unsuccessful even if the SEC files for an appeal. While the short-term outlook of such an outcome could trigger a correction, the mid-to-long-term outlook will likely be bullish. 

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Ripple (XRP) Price Analysis

While the long-term outlook for XRP price remains uncertain due to the SEC’s potential appeal, the short-term scenario looks favorable for investors. The ongoing range tightening inside a pennant forecasts a volatile breakout in either direction. However, considering the impulsive move before the range tightening, the probability of this pennant formation’s breakout is skewed toward the bulls.

The ongoing range tightening inside the ascending triangle forecasts a volatile breakout to the upside where XRP price pierces the upper horizontal resistance of the triangle and flips it into a support level. Such a move could lead to a 25% upswing from the current price that retests the $0.74 supply zone.

If the US SEC fails to appeal after the deadline in October, it could serve as a tailwind and propel XRP price to move beyond $0.6757

XRP Price Chart
XRP Price Chart

On the other hand, if XRP price fails to hold the four-hour demand zone, extending from $0.562 to $0.575, it would signal a weakness in buying pressure. Flipping the $0.575 support barrier into a resistance level could trigger a minor retracement to the $0.556 foothold. 

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Frequently Asked Questions (FAQs)

1. What is the current state of XRP price movement?

XRP price has been moving sideways for over 48 hours, with a tightening range, indicating a decline in volatility.

2. What could trigger a bullish outlook for XRP in early October?

If the US Securities and Exchange Commission (SEC) does not file an appeal against the Ripple lawsuit ruling within the 60-day deadline, it could be interpreted as bullish and trigger an impulsive move to the upside for XRP price.

3. What are the possible outcomes of the technical formation in the XRP price chart?

The pennant formation could resolve in two ways: a bearish breakout leading to a 4.5% correction and retest of the demand zone, or a direct breakout leading to a 9% upswing and retest of the supply zone.
Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
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