- Major cryptocurrencies like BTC and ETH have surged, and XRP is showing signs of growth, with October historically being a bullish month for crypto.
- Ryan Lee, Chief Analyst at Bitget Research, predicts XRP could rise by 30% to US$$0.75 if Ripple makes positive progress in its case against the SEC.
- However, he warns about potential slides to US$0.45 if the Ripple case worsens, mostly because the SEC could appeal the recent court ruling.
The cryptocurrency market has bounced back since the US Federal Reserve cut its interest rate last week and China’s decision to revive its economy with new policies after years of struggling with deflation and real estate recession.
Related: Fed Announces First US Rate Cuts in Four Years, How Did Crypto React?
Major cryptocurrencies like BTC and ETH have surged, while other top-ten crypto assets have reacted positively as well. And if you expected to read that XRP remains stagnant, well, not so fast.
Uptober is just around the corner, and it could be a turning point for XRP and other leading cryptocurrencies. Historically, Bitcoin has surged an average of over 20% in the month of October, according to Coinglass.
A Turning Point for XRP?
Ryan Lee, Bitget Research’s Chief Analyst, predicts XRP could rise by 30% to US$0.75 (AU$1.08) if positive legal progress is made in Ripple’s case against the Securities and Exchange Commission (SEC). Technically, XRP looks strong, having broken a key trendline and staying above crucial moving averages.
Lee stated to the matter:
Most analysts and investors highlight the possibility of an upward trend, which may attract more retail investors, potentially driving XRP prices higher.
Ryan Lee, Bitget Research’s Chief Analyst
XRP is showing a 5% increase in the last 24 hours. Data from CoinGecko shows the coin is priced at US$0.644 (AU$0.93), an increase of nearly 10% in the past month.
However, Lee advises caution against a potential price drop, which could happen if Ripple’s legal situation worsens, causing XRP to drop to US$0.45 (AU$0.65).
That’s right, Ripple’s case against the SEC is not over, even after Judge Analisa Torres ordered the company to pay a US$125M (AU$180M) civil penalty to the regulatory agency for violating securities laws with the institutional sales of XRP.
The SEC has until October of this year to appeal the decision, prolonging the legal battle. With Q4 around the corner, it’s safe to assume it could be prolonged into 2025.
Additionally, the widespread predictions of “parabolic growth” could lead to an unexpected downturn. He’s referring to a quite common phenomenon in the crypto market in which, for some reason, traders, analysts, and market observers are extremely bullish, predicting exacerbated price increases.
Related: Grayscale XRP Trust Starts Trading for Eligible Accredited Investors
Ultimately, while there are bullish signs, Lee advises readers to avoid relying on extreme forecasts, set stop-losses, and make incremental investments rather than emotional decisions.
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