Ripple Projects to Expect in October 2024: Will XRP Price Rise or Fall?
XRP price has increased by 5.5% in the past 2 days, preparing to end September strongly with a gain of more than 10%. As October approaches, ongoing legal developments, institutional capital flows, and a number of other factors will determine whether XRP price continues to grow.
Experts believe that XRP's recent growth may be related to Grayscale's launch of the XRP Trust two weeks ago and especially the victories in the lawsuit with the SEC.
For some investors, Grayscaleâs trust appears to be the first step toward an XRP ETF despite the current regulatory challenges. Some also believe that this development will positively impact XRP prices in October.
Furthermore, the increase in Open Interest (OI) for the token seems to be in line with the current sentiment. According to Satiment, XRPâs Open Interest is currently close to $900 million. This shows a significant increase in speculative activity around XRP.
Additionally, the increase in OI shows that more money is flowing into the derivatives market. Therefore, the XRP price could continue to rise next month.
They believe that the main driver for XRP price to surge in Q4 2023 is expected to be the launch of the RLUSD stablecoin and its integration into the DeFi ecosystem.
Regardless of the key catalyst, data from Santiment shows that crypto whales are buying XRP again. These whales bought 60 million tokens, worth $37.20 million, between yesterday and today. This shows their confidence in the potential price increase to come.
