Despite its relatively poor performance throughout the year, Ripple has seen significant whale activity likely to drive XRP back to the $0.60 level in October. Indeed, the asset has been consolidating throughout August and September. Yet, things could change drastically next month.
The market anticipates a shift in sentiment as Bitcoin has been historically dominant in October. Often dubbed ‘Uptober,’ it could be set to push a host of cryptocurrencies back to the level it enjoyed earlier this year. Among them could be Ripple, which is in a prime position to thrive alongside an impending market rally.
Also Read: Ripple (XRP) & Cardano (ADA) Weekend Price Prediction (Sept 22, 2024)
XRP to $0.60? October Could Salvage Ripple’s 2024
Entering 2024, few cryptos had as much potential as Ripple. The asset was poised to settle its years-long lawsuit with the US Securities and Exchange Commission (SEC). Moreover, the entire asset class was set to get a boost in relevance. Although both of those have occurred, XRP is yet to enjoy the surge that many had hoped.
Over the last 30 days, the token has fallen more than 2.5% in value, according to CoinMarketCap. That denotes the ongoing consolidation it has faced. On Friday, the crypto had fallen almost 2%, to trade at $0.57. Yet, many traders had reason to remain optimistic about a turnaround.
Crypto analyst Ali Martinez took to X (formerly Twitter) to report Ripple had seen $228 million worth of the asset bought by whales as it could be beneficial to XRP in October. Martinez noted that whales have acquired 380 million XRP in the last 10 days alone.
Also Read: Ripple: XRP Outperforms Top 10 Cryptocurrencies, Rallies 8.8%
That could push XRP up to firmly stand at the $0.60 mark. With Grayscale announcing an XRP trust, positive sentiment is abounding the asset. If the market can support a turnaround in the next several weeks, XRP could be set to be among the biggest gainers.
This is all compounded by the Federal Reserve deciding to cut interest rates for the first time in four years. The move clearly establishes the potential for cryptos’ continued resurgence amid what could be a newly invigorated market.
