Ripple’s XRP could surge 30% in October, but there’s a catch: Bitget analyst

The entire cryptocurrency market has seen a late-2024 renaissance since the middle of last week, when the US Federal Reserve cut the country’s interest rates by 50 basis points.

While BTC, ETH and other altcoins have produced impressive gains, Ripple’s native token is lagging behind, trading mainly on a weekly and even monthly basis. However, that could change in October, which is typically considered a very bullish month for crypto.

XRP in October

Considering the aforementioned weekly and monthly scale, XRP’s performance has been quite underwhelming. It has been in line since the same time last week and is only up 1.6% compared to last month. In contrast, BTC is up 9% since the end of August, BNB has gained over 11%, while DOGE has soared over 21%.

In a statement to CryptoPotato, Bitget Research Chief Analyst Ryan Lee outlined the most likely scenarios for the Ripple token. The bullish prediction sends the seventh-largest cryptocurrency by market cap up 30% to $0.75.

This is because overall market sentiment has become “extremely bullish” and could remain so, especially if there is “positive legal progress” in Ripple’s battle against the SEC.

“Most analysts and investors highlight the possibility of an upward trend, which may attract more retail investors, and which may increase XRP prices.” – said Lee.

From a technical standpoint, the analyst said XRP had already broken a key trend line, which is “typically seen as a bullish signal.” The asset is currently above its 50-day, 100-day and 200-day moving averages, which, along with bullish signs from indicators like the MACD and RSI, could lead to a bright October for to XRP holders.

The catch

While the above prediction paints a pretty picture for XRP bulls, Lee also outlined another possibility: a drop to the $0.45 support level. That could happen if the legal battle against the SEC worsens, especially with speculation about an appeal from the agency now circulating.

In addition, Lee believes that the high number of analysts predicting “parabolic growth” in October could cause the opposite effect on the price of XRP. As such, he warned investors to avoid listening to extreme predictions, set stop-losses and tend to make incremental rather than emotional purchases.

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