XRP, a leading cryptocurrency, has been under scrutiny lately, with its price fluctuations sparking intense debate among investors and analysts. In September, XRP managed to hold a critical level, increasing hopes for a possible recovery in October. According to technical data, breaking over the resistance of $2.81 is crucial, with forecasts suggesting a potential 30% increase to $3.62.
In the monthly open, XRP acted at $2.77 after dropping by 14% in the past two weeks. The maintenance of this level has raised hopes that a recovery could be on the cards in October. 
XRP Price Must Hold Over $2.75
Analysts suggest that XRP is facing a critical test near the $2.75 level, which coincides with the lower limit of a symmetrical triangle. Holding over this trend line would increase the likelihood of a break above the descending trend line of $2.86 (100-day free sliding average (SMA)). This step can lead to the bullish goal of the triangle at $3.62. 
The Glassnode Distribution Heatmap shows that a large provider of demand is between $2.75, where almost 1.58 billion XRP has been acquired, increasing the importance of this level. 
Challenges Ahead
However, there is a supply of around $2.81 (from the 100-day SMA), which could hinder any recovery efforts in the short term. Conversely, a decline below $2.75 could trigger a further sale to $2.00, the bearish goal of the symmetrical triangle. Analyst Hardy stated that XRP is still in a solid bullish consolidation, and as long as the price remains above the range of $2.72 to $2.75, it has upward potential.
Historical Performance
October is usually a bad month for XRP, with the price closing in the red seven out of the past twelve months, averaging returns of -4.58%. However, November is the best month, making the period between October and December the best quarter for XRP price. According to Cryptorank, it is the only three-month period with average profits of 51%. 
XRP ETF Decision
The ETF Spotlight from October could add to the XRP tailwind rally, with the SEC periods serving in the middle of the month. The XRP ETF decision by Franklin Templeton was pushed for November 14th, while the XRPR from Rex/Osprey made their debut on the first day with almost $38 million in volume. Grayscale’s decision is expected on October 18, with the most important deadlines for other applications between October 19 and October 25th. 
This article does not contain investment advice or recommendations. Every investment and trade movement involves risk, and readers should conduct their own research before making a decision. For more information, visit https://cointelegraph.com/news/will-xrp-price-rally-restart-in-october?utm_source=rss_feed&utm_medium=rss_tag_altcoin&utm_campaign=rss_partner_inbound
