XRP has seen a significant price drop in October due to the SEC's appeal in the Ripple lawsuit.
Analysts are divided on XRP's future, with some predicting a massive rally and others dismissing it as unlikely.
The SEC's appeal could pose a significant obstacle for XRP's bullish momentum.
XRP has seen a nearly 15% drop so far in October, primarily due to the US SECâs appeal in the ongoing Ripple lawsuit. While some analysts view this decline as a potential buying opportunity, others strongly believe that an XRP rally is unlikely.
*Why An XRP Rally Is Coming!*
Analysts have pointed to historical price patterns and recent whale accumulation, indicating that XRP may be set for a substantial rally in the coming months. Analyst CryptoBull has noted a striking similarity between XRPâs current price behavior and its path during the 2017 bull market.
In 2017, XRP consolidated within a symmetrical triangle pattern before breaking out and surging by an incredible 66,240% to reach a record high of $3.31. As of October 2024, the asset is nearing the peak of a similar triangle formation on its monthly chart. If XRP follows this historical trend, a breakout could lead to significant gains.
