- XRP price has been in a strong bullish trend in the past few months.
- The coin could rise by about 37% in October of this year.
XRP price has dropped in the past four straight days as the hype surrounding the progress of the SEC vs Ripple case died down. Ripple was trading at $0.4400 on Monday, which was much lower than the month’s high of $0.5570. The coin rose by more than 53% from the lowest level in June.
Ripple outlook for October
The XRP price has been in a strong bullish trend in the past few weeks even as popular coins like Bitcoin and Ethereum continued to consolidate. Bitcoin has remained at $20,000 in the past two weeks while ETH has stayed at around $1,300.
Ripple has done relatively well because of the recent partnerships and hopes that the ongoing litigation will end soon. Recently, the company partnered with Travelex, a leading provider of the cross-border provider.
And last week, the company announced that it will partner with I-Remit, a leading non-bank remittance player in the Philippines. Most importantly, the company partnered with Balmain as the French company prepares to launch its NFT memberships. Some of the other Ripple partners are Tranglo, Lemonway, LuluExchange, and SBI Remit among others.
Learn more about how to buy Ripple.
XRP price has rallied as investors hope that the ongoing SEC vs Ripple will end soon. Last week, the judge overseeing the case ordered the SEC to turn over some important documents to the company. These documents show that William Hinman noted that XRP was no longer a security. Hinman was SEC’s director of the Division of Corporate Finance.
It is still too early to determine whether Ripple will prevail in this fight. Also, it is unclear when the ruling will come out. Still, as I have noted before, I believe that Ripple has a higher possibility of prevailing against the SEC. For one, with more than 20,000 cryptocurrencies, it is unclear why the agency has not sued them.
XRP price prediction
The daily chart shows that Ripple price has been in a strong bullish trend in the past few weeks. The coin managed to move above the important resistance level at $0.4100, which was the highest point in July of this year.
Ripple remains above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) moved from the overbought level to about 63.
Therefore, there is a likelihood that coin will retest the support at $0.4100 and then resume the bullish trend in October. If this happens, the next key reference level to watch will be at $0.60, which is about 36% above the current level.
