Ripple’s XRP token is having one of its most significant years in recent memory. The asset struggled to gain momentum over the last few years, even during the 2021 bull run. The lackluster performance was most likely due to the SEC’s lawsuit against Ripple. XRP breached the $3 mark for the first time in seven years earlier this year, in January. The asset even hit a new all-time high of $3.65 in July. In this price prediction article, let’s discuss why XRP could breach the $4 mark in October.
XRP Price Prediction: $4 Could Be A Reality This October
The cryptocurrency market seems to be already entering another bullish phase. Historically, October has been quite bullish for the crypto market. Bitcoin (BTC) has already reclaimed the $120,000 price point, and could be heading to a new all-time high. BTC hitting a new peak could trigger a market-wide rally. XRP’s price could surge beyond the $4 mark under such circumstances.
There is a lot of talk about another interest rate cut in October. The September interest rate cut caused a slight market rally. Another rate cut could send market participants into a frenzy. According to CME’s FedWatch tool, there is a 97.8% chance of another interest rate cut this month. Risky assets like cryptocurrencies could greatly benefit from another rate cut. XRP could see massive inflows if the Fed decides to roll out another 25 basis points rate cut.
Also Read: ‘Hold’ XRP, Say Majority of Crypto Analysts: What’s The Price Target?
There are also several spot XRP ETF applications awaiting approval at the SEC. The SEC has to come up with a decision on six XRP ETFs later this month, starting from Oct. 18. A positive development around an ETF approval could lead to XRP’s price skyrocketing. However, there is also a chance that the SEC will postpone its decision to a later date, as it did previously.