XRP in September$XRP
Price Up 10%: Supported by Market Recovery and Grayscale’s New XRP Trust
Ripple (XRP) price closed strong in September, up 10%. Market recovery and Grayscale’s new XRP Trust, along with the upcoming October 2024, were among the key factors supporting this increase. Whale buying also attracted attention; the purchase of 60 million XRP points to a target price of $0.72 by the end of October 2024.
Stablecoin integration and DeFi expansion could push XRP beyond its current resistance levels. The price of XRP has risen from $0.55 at the beginning of the month to $0.62 currently. These positive developments are attributed to the general recovery of the market after Grayscale launched its XRP Trust.
Some investors believe that this trust is the first step towards an XRP ETF despite the current regulatory challenges, and there is growing belief that this development will positively impact the price of XRP in October.
The surge in XRP’s Open Interest (OI) has been parallel to this positive sentiment. At the time of writing, XRP’s Open Interest has reached almost $900 million, indicating a significant increase in speculative activity around the token.
The increased OI is driving more money into the derivatives market in terms of price. This could add fuel to the uptrend and pave the way for XRP’s price to continue to rise in the coming month. However, senior researcher Juan Pellicer of IntoTheBlock is cautious about the potential impact of the XRP ETF. Pellicer notes that Ripple’s stablecoin launch plan and Decentralized Finance (DeFi) integration will have a greater impact in October 2024 and beyond.
According to the data, crypto whales continue to buy XRP. They have recently purchased 60 million tokens, totaling $37.20 million. This suggests that whales are preparing for a potential increase in the XRP price as the fourth quarter of 2024 approaches.
From a technical perspective, the lack of volatility in the price of XRP has prevented it from reaching $0.70. However, the daily chart shows that the probability of reaching this level is increasing. According to the Ichimoku cloud, the cloud is below the price, providing strong support. Thus, the price of XRP could rise higher to levels above $0.62.
The presence of the $0.59 support level increases the potential for XRP to break out of the $0.63 resistance. The next target level could be around $0.69, which is expected to reach $0.72 by the end of October. However, if there is a significant decrease in whale activity in the coming months, this prediction may not come true and the XRP price could drop to $0.57.
