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In a not-so-surprising twist, XRP has breached the psychologically important resistance level at $0.6. XRP hit this figure in its bid to close October on a stellar note after rising as high as 6% over the past 24 hours. Riding on the current price level, XRP has broken the stalemate in its rally and has returned to the level it last traded in in mid-August.
While XRP bears appear to be making a move, the current outlook of the coin has solidified its potential to end October with a gain of 15.27%. While this might look small compared to Bitcoin’s 27%, it is worth noting that XRP outranks its peers, including Litecoin (LTC) and Stellar (XLM) with monthly growth of 3.78% and 7.21%, respectively.
XRP's growth in October has several key triggers, with three standing out: the blow dealt to the SEC per the denial of its interlocutory appeal request, the end of the lawsuit charging Brad Garlinghouse and Chris Larsen for deliberately facilitating the sales of unregistered XRP securities and the growing Bitcoin spot ETF sentiment.
Legal clarity rubs off on XRP
These three events can also be seen as a catalyst that can drive the growth of XRP moving forward.
The legal victories unburden the coin and can conveniently welcome both U.S.-based and international expansions. The Bitcoin ETF push will have a tremendous effect on the broader crypto ecosystem, and should Bitcoin go parabolic, most altcoins, including XRP, are bound to follow.
This sentiment was showcased in the past two weeks, when it was rumored that BlackRock's Bitcoin ETF got approval from the U.S. SEC. The impressive resurgence in XRP comes from the rally picked following this event, as well as the triple-digit boost in trading volume, which jumped 131% to $2.2 billion.
Arman Shirinyan
Tomiwabold Olajide
Gamza Khanzadaev
