Ripple (XRP) Price Predictions for ‘Uptober:’ Major Rally or Severe Correction?

TL;DR

Analysts expect a strong rally for XRP in October, with potential new highs. However, the overbought RSI indicates a short-term correction risk. Bulls anticipate a massive rally

Ripple’s XRP has experienced increased volatility since the beginning of 2024, witnessing major bombs and major drops. Afterwards, however, its current price is roughly the same as it was seen on January 1st, trading around $0.62 (according to CoinMarketCap data).

XRP Price, Source: CoinMarketCap

Some analysts and advocates of the asset believe that October will be a big hit. His prediction is partially based on the fact that it is usually a bullish month during which many leading cryptocurrencies post substantial gains. As such, it is widely regarded in the community as “Uptober”.

Not long ago, popular X user JackTheRippler predicted that October will be “a life-changing month” for XRP holders. The analyst argued that the asset could reach a new all-time high in the next 30 days, assuming the SEC does not appeal the Ripple case (among other factors).

The agency has until Oct. 7 to appeal Judge Torres’ decision, which ordered the company to pay a $125 million penalty for violating certain securities laws. In recent weeks, rumors have grown that the SEC will seek such action. American lawyer Fred Rispoli, for example, believes the chance of an appeal is 60%.

Other analysts predicting a near-term rally for XRP include EGRAG CRYPTO and Dark Defender. The former held that the token’s Average Sentiment Oscillator (ASO) recently recorded a bullish crossover with the price chart. Historically, these developments have been followed by a major resurgence in XRP’s valuation.

ASO is a momentum-based technical analysis tool designed to measure market sentiment by calculating the average percentage of bullish and bearish movements over a given period.

For its part, Dark Defender believes that XRP will enter a bull run mode once it “clears” the important $0.6649 resistance level. Remember that its price surpassed this mark a few days ago before returning to $0.62.

The bearish signal

Despite the optimism shared by the aforementioned analysts, one factor suggests that the value of XRP could soon fall. This is the Relative Strength Index (RSI), whose ratio briefly soared above 70 in recent days.

Such high readings indicate that the asset is in overbought territory, meaning it could be headed for a correction. Conversely, when the RSI falls below 30, this could indicate a buying opportunity.

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