XRP October Rally: Analyst Predicts Huge Gains, But Is It Feasible?

TL;DR

• A well-known analyst predicts an Uptober for XRP, fueled by a potential resolution of the Ripple v. SEC lawsuit and growing adoption.
• EGRAG CRYPTO anticipates that XRP might reach a new all-time high of $13 in the coming months, though this is seen as improbable.

The XRP Community Awaits Uptober

October has historically been a bullish month for the crypto market, with prices of Bitcoin (BTC) and other top digital currencies frequently showing significant increases during this time in previous years. Consequently, many in the industry refer to it as Uptober.

One observer confident about a positive October for Ripple’s XRP is the well-known X user JackTheRippler. The analyst detailed various elements that could drive a price surge, beginning with the potential conclusion of the legal battle between Ripple and the US Securities and Exchange Commission (SEC).

The two entities have been engaged in this legal dispute for close to four years, with a critical event occurring in August this year. At that time, Judge Torres determined that Ripple’s XRP sales in secondary markets to retail buyers did not qualify as securities transactions. However, she mandated Ripple to pay a $125 million fine for infringing upon certain regulations.

This amount is merely a fraction of the SEC’s original $2 billion demand, leading many supporters of XRP to view the ruling as a substantial achievement. Some Ripple executives have expressed their intention to pay the fine, while the SEC appears more inclined to appeal. The Commission has until October 6 to file an appeal, and JackTheRippler believes they will not pursue this option.

The analyst further posits that October will mark the inception of tokenization on the XRP Ledger (XRPL), widespread acceptance in the United States, and backing from leading banks that may start utilizing XRP for currency bridging.

Lastly, the X user speculates that the token’s value could attain a new all-time high price as early as next month.

There’s a More Optimistic Perspective

X user EGRAG CRYPTO, known for his insights on XRP market trends, has recently asserted that the asset has established an intriguing pattern resembling the Nike logo.

The analyst suggests persisting with that trend could pave the way for a new ATH around $5.50 in the upcoming years.

Additionally, the crypto enthusiast speculates that this pattern might break upward as soon as this year, potentially causing a dramatic price surge to as high as $13.

Notably, for this forecast to materialize, XRP’s market capitalization would need to soar above $670 billion . Currently, Bitcoin (BTC) is the only cryptocurrency that has exceeded this threshold, rendering this prediction very unlikely.