Outside Source
TL;DR
- A popular analyst expects an Uptober for XRP, driven by the potential resolution of the Ripple v. SEC lawsuit and increased adoption.
- EGRAG CRYPTO predicts XRP could reach a new all-time high of $13 in the following months, though this is considered unlikely.
The XRP Army is Waiting for Uptober
October is a typically bullish month for the cryptocurrency market, with the prices of Bitcoin (BTC) and other leading digital assets often recording substantial gains during this period in the past years. As such, many industry participants refer to it as Uptober.
One market observer expecting the month to be highly bullish for Ripple’s XRP is the popular X user JackTheRippler. The analyst outlined several factors that could contribute to a price rally, starting with the potential end of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
The two parties have been confronting on the legal front for nearly four years, with an essential development witnessed in August this year. Back then, Judge Torres ruled that the company’s sales of XRP on secondary markets to retail investors did not constitute securities transactions. Nonetheless, she ordered Ripple to pay a $125 million fine for violating certain laws.
The amount represents just a fraction of the SEC’s initial $2 billion claim, which is why many XRP proponents considered the ruling a major victory. Some of Ripple’s executives promised to pay the penalty, whereas the SEC seems more likely to appeal. The Commission has until October 6 to do so, and according to JackTheRippler, it will not go forward with such a move.
The analyst also believes that October will witness the start of tokenization on the XRP Ledger (XRPL), mass adoption in the United States, and support from leading banking institutions that may begin bridging currencies by using XRP.
Last but not least, the X user thinks the token’s valuation might hit a new all-time high price sometime next month.
There is a Bigger Optimist
The X user EGRAG CRYPTO, who often discusses XRP’s market dynamics, recently claimed that the asset has formed an interesting pattern resembling the logo of the footwear and apparel corporation Nike.
The analyst believes continuing that trend could lead to a new ATH of approximately $5.50 in the following years.
Moreover, the crypto enthusiast assumed that the pattern could be broken to the upside as soon as this year, which may result in a whopping price explosion to as high as $13.
It is important to note that XRP’s market cap must skyrocket to over $670 billion for this forecast to happen. Bitcoin (BTC) is the only cryptocurrency with a capitalization exceeding that mark, making the prediction highly unlikely, to say the least.
This article first appeared at CryptoPotato
