The XRP token has been the star of the cryptocurrency industry over the last 30 days thanks to the bull run. While the token has faced some downtime and given way to the bears a few times, there is still clear bullish momentum in the market. This morning, an analyst predicted that the XRP token will break out and rise by 37% before the end of October 2022.
XRP Price Forecast for October 2022
The XRP price has increased by over 53% over the last few months, but the bulls aren’t ready to leave the market yet. The token is predicted to hit the $0.60 level sometime in October if the bulls continue to maintain momentum. At the time of writing, the price of XRP was $0.4453. The token was down by 2.46% against the USD.
Within the last 24 hours, the XRP token has traded in the $0.4395 to $0.4636 trading range. The key support is currently at $0.4100 and XRP has continued to maintain a stronghold above this level over the last few weeks. While the short-term resistance is at $0.4636, there is evidence to support a major rally if the bulls move above this level and manage to hold the line.
Why is XRP Rising?
The rise in the price of XRP is mostly due to fundamental positivity. Ripple, the company behind XRP, has been making waves with partnerships that will strengthen the future of the token. The company’s recent partnerships with Travelex, I-Remit, and Balmain for cross-border transactions show institutional interest in the blockchain.
Also, the long battle between the United States Security Exchange Commission may be coming to an end soon. Recent rulings show that the court may rule in favor of Ripple. If this happens, the token will rise even higher against the USD. These fundamentals have increased investors’ interest in the XRP token, increased buying pressure, and led to a rise in the price over the last few months. It may outperform Bitcoin and Ethereum.