XRP (Ripple) price showed positive performance in late September 2024, with a 6% increase. However, what are the prospects in October? This article will discuss the factors that can affect the price of XRP, including regulatory developments, institutional inflows, and technical indicators.
Factors Affecting XRP Price
Several factors could affect the price of XRP in October 2024:
1. Regulatory Developments:
The Ripple vs. SEC case is still ongoing, and the outcome could have a significant impact on the price of XRP. If Ripple wins the case, the price of XRP is expected to surge. Conversely, if the SEC wins, the price of XRP could fall.
2. Institutional Inflow:
Grayscaleโs launch of the XRP Trust in September 2024 shows institutional interest in XRP. If more institutions start investing in XRP, its price could increase.
3. Technical Indicators:
From a technical perspective, XRP is showing some positive signals. The Ichimoku indicator shows strong support below the price, which could push the price higher. In addition, XRP's Open Interest (OI) is increasing, indicating increased speculative activity.