XRP price is gearing up for a strong “Uptober” rally in October as ETF approval odds jump, Ripple USD assets rise, and technicals align.
Summary
- XRP price may surge in October amid bullish fundamentals.
- The SEC is expected to approve numerous crypto ETFs in October.
- XRP may jump to $5, but hitting the important point at $10 will be unlikely.
Ripple (XRP) was trading at $2.8585 today, Sept. 30, slightly above this month’s low of $2.7212 and well below the year-to-date high of $3.66.
XRP price boosted by strong fundamentals
The main reason XRP may stage a strong bull run in October is improving fundamentals.
For example, the recently-launched REX-Osprey XRP ETF has had strong inflows, a sign of soaring demand among investors. It has now grown to over $67 million in assets in less than two weeks.
Other XRP ETFs have also recorded solid inflows in recent months. For example, Teucrium’s XXRP ETF is near $400 million, while ProShares’ fund is over $100 million.
This growth suggests additional funds could see strong demand after launch. Some analysts predict these funds could collect over $8 billion in first-year inflows.
Another top catalyst for XRP is the momentum in Ripple USD. It has added over $789 million in assets, making it one of the largest stablecoins in the industry.
Meanwhile, the XRP Ledger is gaining momentum, with its total value locked in the real-world asset tokenization industry soaring to over $360 million.
Macro factors may also support XRP, with many analysts expecting the Federal Reserve to continue cutting interest rates at the October meeting.
Can Ripple price jump to $10?
The daily chart shows XRP has been forming multiple bullish patterns. It has formed a descending wedge pattern, which is part of a bullish pennant. Wedges and pennants are highly bullish patterns.
XRP also appears to be in the second stage of the Elliott Wave pattern. This phase is typically followed by the third wave, often the most bullish in technical analysis.
The coin has also formed a bullish continuation pattern known as a cup-and-handle. Therefore, its fundamentals point to the potential for a short squeeze in October.
The first target is the year-to-date high of $3.660, followed by the extreme overshoot level on the Murrey Math Lines tool. A break above that target could push XRP toward $5. The odds of hitting $10 during a potential Uptober rally remain limited.
