XRP is currently trading at $3.17, reflecting a 4% increase over the past 24 hours, with a robust daily trading volume of $6 billion. As the third-largest cryptocurrency by market capitalization, XRP is exhibiting notable strength, especially as it inched closer to a pivotal price level. The upcoming deadlines set by the U.S. Securities and Exchange Commission (SEC) for spot XRP exchange-traded fund (ETF) applications between October 18 and 25 are generating significant attention, leading many to speculate that this period could be crucial for the token.
Key dates are rapidly approaching, with important decisions regarding various XRP ETFs scheduled for mid to late October. Notable applications include those from Grayscale on October 18, 21Shares on October 19, Bitwise on October 20, Canary Capital on October 24, and WisdomTree, Franklin Templeton, and CoinShares all on October 25. The SEC’s persistent delays in finalizing its decisions on multiple ETF applications—including the Franklin XRP ETF filed back in March—has kept the market on edge, with the final decision regarding Franklin set for November 14. In total, there are 15 XRP ETF applications under review, and traders on Polymarket have assigned a 93% probability of at least some being approved by the end of the year. This mirrors the anticipation seen with Ethereum ETF approvals, suggesting that delays have not significantly dampened market sentiment.
Simultaneously, the Altcoin Season Index has reached 78, indicative of a shift in investment towards non-Bitcoin assets. This market environment sets XRP up for potential gains if favorable news emerges in October.
From an on-chain and derivatives perspective, increasing retail demand is evident. The Futures Open Interest (OI) for XRP averaged $8.51 billion this past week, a notable increase from $7.37 billion the previous week, though still below July’s high of $10.94 billion. Rising funding rates, now at 0.0107%, indicate that traders are willing to pay a premium to hold long positions, reflecting a growing confidence within the market.
Technical analysis further supports a bullish outlook for XRP. Following a breakout from a descending wedge pattern, the recent price action suggests the end of a consolidation phase. XRP’s price is currently above both the 50-day exponential moving average (EMA) at $3.01 and the 200-day EMA at $2.12, reinforcing strong long-term support. Fibonacci retracements place significant resistance at $3.25, and should XRP break this barrier, it could target $3.43 and $3.66—levels that previously capped July’s rally. Should momentum persist, mid-term price targets are projected at around $5 as institutional interest in XRP potentially resurfaces.
Indicators, such as the Relative Strength Index (RSI) at 63—still below overbought territory—are showing positive momentum, supported by recent bullish engulfing candle formations and a trend of higher lows established in July.
For traders looking to position themselves strategically, a tactical long entry above $3.26 could provide a risk-reward opportunity targeting price points of $3.43 and $3.66, with stops set below $2.99. If ETF approvals occur as anticipated between October 18 and 25, XRP could surpass $3.66, paving the way for a larger rally potentially reaching the $5 mark.
In related cryptocurrency developments, Bitcoin Hyper ($HYPER) is making a name for itself as the first Bitcoin-native Layer 2 solution powered by the Solana Virtual Machine. This project aims to enhance the Bitcoin ecosystem by facilitating swift, low-cost smart contracts, decentralized applications, and even meme coin creation. With significant emphasis on trust and scalability, the Bitcoin Hyper project has already raised over $15.3 million in its presale, which is ongoing. As of now, HYPER tokens are priced at $0.012905, but that price is expected to rise as the presale progresses, with opportunities for potential investors to participate via the project’s official website.
