As we approach October, often referred to as ‘Uptober’ in the crypto space for its historically strong market performance, all eyes are on XRP.
The token has captured significant attention, with the latest sentiment data showing 86% of the community is bullish. This sentiment, sourced from data retrieved by Finbold using CoinMarketCap as of September 30, 2024, suggests that investors are confident XRP is poised for further growth based on 22,713 votes.
XRP price key resistance breaks
XRP has recently crossed some important price milestones, further fueling optimism. The token successfully broke through the $0.60 psychological resistance and even briefly traded above $0.66.
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Currently hovering around $0.6478, with a 3.07% increase over the last 24 hours, XRP is looking to break $0.65 and flip it into a support level, which could provide a stronger foundation for further gains.
In the past 7 days, XRP has risen 9.96%, adding more than $3 billion to its market cap.
These gains have caught the attention of whales, who have reportedly purchased over 470 million XRP in the past 10 days, signaling that major players are positioning themselves for more upside.
The Ripple escrow and what’s next
Adding to the excitement is Ripple’s scheduled 1 billion XRP release on October 1. This is part of the token’s escrow program, where monthly releases are made from Ripple’s non-circulating supply.
Valued at $640 million at current prices, this release is expected to contribute to Ripple’s sales strategy in the coming days. While an influx of new tokens into the market can sometimes lead to downward pressure, the overwhelmingly bullish sentiment suggests the community believes this release won’t dampen XRP’s momentum.
As XRP moves heads into October, the 86% bullish sentiment reveals a strong belief among investors that the token is primed for further gains.
With key resistance levels being tested and broken, Ripple whales accumulating, and the upcoming escrow unlock, many believe XRP is well-positioned to ride the ‘Uptober’ wave.
If the token manages to flip $0.65 into support, this could act as a launchpad for even higher price targets.
