XRP has reclaimed the $3 mark, fueling optimism for potential gains in October. Recent data shows XRP trading around $3.04, marking a 1.72% increase on the daily and over 11% on the weekly chart. This resurgence has sparked renewed interest, with analysts weighing in on the factors that could drive further price appreciation.
Technical Analysis and Price Targets
XRP's recent performance has caught the attention of technical analysts, with some suggesting a potential breakout. A breakout above the descending trendline, accompanied by substantial volume, could trigger a bullish surge towards $3.40-$3.66. If bulls maintain pressure, a breakout could occur, potentially testing the $3.30 range. A decisive breakout from a symmetrical triangle could ignite a rally toward $4.20, potentially fueled by whale buying.
However, some analysts suggest a more conservative outlook, with sideways trading expected in the $2.95-$3.15 range. Over the near term, the ETF decision itself could push the token toward $4, with resistance likely around $4.50.
ETF Approval as a Catalyst
A key factor influencing XRP's price trajectory is the potential approval of spot XRP ETFs by the U.S. Securities and Exchange Commission (SEC). The SEC is expected to make decisions on several applications in October, with deadlines looming mid-month.
The approval of XRP ETFs could unlock billions in institutional capital, as seen with similar instruments for other cryptocurrencies. Some analysts estimate initial inflows of $4 billion to $20 billion within the first year. This influx of capital could significantly boost sentiment, liquidity, and adoption, fostering a self-reinforcing rally.
Institutional Interest and Whale Activity
Institutional interest in XRP is growing, as evidenced by the rapid accumulation of XRP futures on the Chicago Mercantile Exchange (CME). XRP futures were the fastest contracts ever to reach $1 billion in open interest, signaling strong institutional demand.
Whale activity further supports this trend, with large investors increasing their holdings. In early October, whales added 510 million XRP, worth $1.54 billion, demonstrating conviction at current levels.
Potential Roadblocks and Alternative Perspectives
Despite the bullish outlook, it's important to acknowledge potential roadblocks. A U.S. government shutdown could delay SEC ETF decisions, leading to increased market volatility.
Moreover, not all analysts are uniformly optimistic. Finbold's AI Signals machine learning tool predicts a more modest average XRP price of $3.18 by the end of October. One of the LLMs used in the prediction, GPT-4o, even suggests a potential price drop to $2.95.
Long-Term Projections
Looking beyond October, projections estimate XRP could trade around $26.50 by 2030, with averages near $19.75. One analyst even predicts that XRP could reach $170,000 per token, challenging traditional valuation models and predicting an inevitable digital future. This projection is based on the belief that conventional financial metrics no longer apply to digital assets like XRP.
