Will XRP see a major bull run in October? Why it’s a real possibility

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    XRP could skyrocket as a potential ETF launch and key levels set the stage for a bull run.
    Analysts suggest XRP may soon break out, offering a last chance to accumulate below $1.

As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. The current state of XRP presents an interesting conundrum: it’s trading near a key support level, showing signs of stability but also hinting at potential movements due to evolving market conditions.

Currently, the value of XRP is approximately $0.5511. Over the past day, it has experienced a decrease of 1.38%. If we look at the last week, there’s been a more significant drop of around 7.88%.

Over the past day, XRP‘s trading volume reached an impressive $887.67 million. This significant activity translates to a market capitalization of roughly $31.01 billion for XRP.

Regardless of the ups and downs in its price lately, XRP has maintained a steady position near $0.55. However, investors and traders need to keep an eye out for possible changes since the market might respond differently to emerging circumstances.

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According to technical analysis, the price of XRP was close to a crucial support point of approximately $0.53860. There’s another potential support level at $0.50000. If the resistance at $0.61686 is broken, it might signal an upward trend.

In simpler terms, the Bollinger Bands indicated a quiet price movement, whereas the Relative Strength Index suggested a neutral-to-slightly negative mood among traders in the market.

For XRP, the MACD (Moving Average Convergence Divergence) showed a small negative reading, with the MACD line at -0.00326 and the signal line at 0.00213. This implies a potential bearish trend, but the closeness of the histogram to the zero line suggests that the momentum could potentially reverse, hinting at a possible change in direction, either bullish or bearish.

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Keep a close eye on these markers, since they could offer valuable clues about potential future changes in prices.

The RSI, at 43.53 at press time, indicated that XRP was neither overbought nor oversold.

If the value drops slightly below 30, it might indicate an overbought situation, possibly triggering a price recovery. Conversely, a move above 50 may imply growing bullish energy.

Analyst forecasts and market sentiment

Based on predictions by crypto expert BarriC, we might see a substantial rise in the value of XRP as early as October 2024.

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BarriC proposes that it might be advantageous to acquire XRP for less than a dollar, but he cautions that this chance could vanish by November or December 2024, as he foresees the price potentially surpassing $3 during that time.

According to BarriC’s analysis, the possible debut of an Exchange Traded Fund (ETF) based on XRP as early as 2025 might lead to additional price rises.

Although optimistic forecasts persist, the market remains unpredictable. The past performances of XRP have shown a downward trend, and the market seems to be adopting a guarded approach.

Market volatility

According to Coinglass derivative data analysis, the trading volume of XRP experienced a significant surge by approximately 60.31%, amounting to $794.55 million. Conversely, the Open Interest saw a slight drop of 1.72% and is currently at $602.71 million.

The trading volume for options decreased by 39.10%, ending at approximately $263,030, whereas the Open Interest increased by 2.39%, reaching around $599,330.

These numbers indicate a blend of market opinions, suggesting that the trading action is still uncertain, with ups and downs being observed.

Additionally, on the 2nd of September, positions totaling $159,460 (short) and $34,220 (long) were closed out or ‘liquidated’.

Read Ripple’s [XRP] Price Prediction 2024–2025

Most quick sell-offs happened primarily on Binance (BNB) and OKX, mirroring the present market’s turbulence.

Keeping an eye on XRP‘s current trading around $0.55, it would be prudent for traders to stay alert for possible additional liquidations, especially if there are significant price fluctuations in either an upward or downward direction.

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2024-09-03 06:16