Big Ripple (XRP) rally possible in October according to this analyst, but is it realistic?

TL;DR

A popular analyst expects an Uptober for XRP, driven by the potential resolution of the Ripple lawsuit against the SEC and increased adoption. EGRAG CRYPTO predicts that XRP could reach a new all-time high of $13 in the coming months, although this is considered unlikely. The XRP army is waiting for Uptober

October is a typically bullish month for the cryptocurrency market, with Bitcoin (BTC) prices and other leading digital assets often posting substantial gains during this period in recent years. As such, many industry participants refer to it as Uptober.

One market watcher who expects the month to be very bullish for Ripple’s XRP is popular X user JackTheRippler. The analyst outlined several factors that could contribute to a price rally, starting with the potential end of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

The two sides have been facing each other in the legal field for almost four years, with an essential breakthrough witnessed in August this year. Judge Torres then ruled that the company’s sales of XRP in secondary markets to retail investors did not constitute securities transactions. However, it ordered Ripple to pay a $125 million fine for violating certain laws.

The amount represents just a fraction of the SEC’s initial $2 billion claim, which is why many XRP advocates saw the ruling as a major victory. Some of Ripple’s executives promised to pay the penalty, while the SEC seems more likely to appeal. The Commission has until October 6 to do so, and according to JackTheRippler, it will not go ahead with the move.

The analyst also believes that October will witness the start of tokenization on the XRP Ledger (XRPL), mass adoption in the United States, and support from major banking institutions that can begin connecting coins using XRP.

Last but not least, User X thinks that the token’s valuation could reach a new all-time high price sometime next month.

There is a bigger optimist

User X EGRAG CRYPTO, who often discusses the dynamics of the XRP market, recently claimed that the asset has formed an interesting pattern that resembles the logo of the footwear and clothing corporation Nike.

The analyst believes that a continuation of this trend could lead to a new ATH of approximately $5.50 in the following years.

Additionally, the crypto enthusiast surmised that the pattern could break to the upside as early as this year, potentially leading to a price explosion as high as $13.

It’s important to note that XRP’s market cap needs to soar to over $670 billion for this prediction to happen. Bitcoin (BTC) is the only cryptocurrency with a capitalization that exceeds this mark, which makes the prediction highly unlikely, to say the least.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!