The entire cryptocurrency market has experienced a late 2024 revival since the middle of last week when the US Federal Reserve cut the interest rates in the country by 50 basis points.<\/p>\n
While BTC, ETH, and other altcoins have produced impressive gains, Ripple\u2019s native token is trailing behind, trading mostly flat on a weekly and even monthly scale. However, that could change in October, which is typically regarded as a highly bullish month for crypto.<\/p>\n
Looking at the aforementioned weekly and monthly scale, XRP\u2019s performance has been quite underwhelming. It has flatlined since the same time last week and is up by merely 1.6% compared to last month. In contrast, BTC is up by 9% since late August, BNB has gained over 11%, while DOGE has soared by more than 21%.<\/p>\n
In a statement to CryptoPotato<\/em>, Bitget Research\u2019s Chief Analyst, Ryan Lee, highlighted the most probable scenarios for Ripple\u2019s token. The bullish prediction sees the seventh-largest cryptocurrency by market cap skyrocketing by 30% and hitting $0.75.<\/p>\n This is because the overall market sentiment has become \u201cextremely optimistic,\u201d and it could continue to be so, especially if there\u2019s \u201cpositive legal progress\u201d in Ripple\u2019s battle against the SEC.<\/p>\n \u201cMost analysts and investors highlight the possibility of an upward trend, which may attract more retail investors, potentially driving XRP prices higher.\u201d \u2013 Lee stated.<\/p>\n From a technical standpoint, the analyst said XRP had already broken through a key trendline, which is \u201ctypically viewed as a bullish signal.\u201d Currently, the asset stands above the 50-day, 100-day, and 200-day moving averages, which, coupled with the bullish signs from indicators like the MACD and RSI, could result in a bright October for XRP holders.<\/p>\n Although the prediction above paints a beautiful picture for XRP bulls, Lee also outlined another possibility\u2014a drop to the $0.45 support level. That could transpire should the legal battle against the SEC take a turn for the worse, especially with speculations about an agency appeal circling<\/a> now.<\/p>\n Additionally, Lee believes the high number of analysts predicting<\/a> \u201cparabolic growth\u201d in October could lead to the opposite effect on XRP\u2019s price. As such, he cautioned investors to avoid listening to extreme predictions, set stop-losses, and tend to make incremental purchases instead of emotional ones.<\/p>\n The post Ripple\u2019s XRP Could Surge 30% in October But There\u2019s a Catch: Bitget Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The entire cryptocurrency market has experienced a late 2024 revival since the middle of last week when the US Federal Reserve cut the interest rates in the country by 50 basis points. While BTC, ETH, and other altcoins have produced impressive gains, Ripple\u2019s native token is trailing behind, trading mostly flat on a weekly and […]<\/p>\n","protected":false},"author":0,"featured_media":9923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9922"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9922"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9923"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Catch<\/h2>\n