XRP Price Analysis: A Crucial Level to Watch
The XRP price has been experiencing a critical test near the $2.75 level, which coincides with the lower limit of a symmetrical triangle. According to analysts, holding above this trend line would increase the likelihood of a break above the descending trend line of $2.86 (100-day simple moving 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, which increases the importance of this level. 
XRP Price Movement: Breaking Above $2.81
Breaking over the resistance of $2.81 is crucial, with technical data forecasting a potential 30% increase to $3.62. However, there is a supply of around $2.81 (from the 100-day SMA), which could hinder any recovery efforts at short notice. 
Conversely, a decline below $2.75 could trigger a further sale of $2.00, the bearish goal of the symmetrical triangle. Analyst Hardy stated that “$XRP is still in a solid bullish consolidation,” and added that the price, as long as it remains above the range of $2.72 to $2.75, stays “upward potential”.
Historical Performance of XRP in October
Unfortunately, XRP has historically struggled in October, with the price closing in the red seven out of the past twelve months, and an average return of -4.58%. However, November is the best month for XRP, 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: A Potential Catalyst
The ETF spotlight from October could add a tailwind to the XRP rally, with the SEC decision serving as a catalyst. 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. 
According to analysts, the clarity of the SEC standards and increased transparency after roles have increased the probability of approval by December 31 to 100%. However, market participants have also pointed out that this likely event may already be partially evaluated, which increases the risk that the permits will be “sold” into an event.
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_category_market-analysis&utm_campaign=rss_partner_inbound
