Ripple (XRP) Analysis for October 2024: Key Factors to Watch

Ripple's Prospects: Analyzing Upcoming Influences

Up by 6% today, Ripple's (XRP) price appears to be ending September on a strong note. As October 2024 approaches, ongoing regulatory developments, institutional inflows, and other factors will determine whether XRP will have an intriguing month.

With investors eagerly watching for clues on XRP’s price potential, this analysis examines key technical indicators, whale movements, and market sentiment, offering insights into what to expect from the token in the coming month.

Ripple Looks Up to These Factors as Market Interest Rises

On a month-to-date basis, XRP’s price has increased by 10%, starting at $0.55 this month. At press time, the altcoin’s value is $0.62. This positive return could be linked to the broader market recovery, particularly Grayscale’s launch of the XRP Trust two weeks ago.

• For some investors, the trust appears to be the first step toward an XRP ETF despite its current regulatory challenges.
• Some believe that the development will positively affect XRP’s price in October.

Furthermore, the surge in the token’s Open Interest (OI) seems to align with this sentiment. As of this writing, XRP’s Open Interest is almost $900 million. This indicates a notable rise in speculative activity around the token.

1. Price-wise, an increasing OI indicates that more money is flowing into the derivatives market.
2. When this occurs during an upswing, it gives more strength to the trend.
3. As such, XRP’s price might continue to climb into next month.

However, Juan Pellicer, Senior Researcher at IntoTheBlock, disagrees with the potential XRP ETF effect. According to him, Ripple’s stablecoin launch and integration with Decentralized Finance (DeFi) should have more impact in October 2024 and beyond.