3 Reasons XRP Price Might Explode In October

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.

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.

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

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. 

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

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.