Ripple (XRP) has experienced a notable surge, ending September with a 6% price increase. As we approach October 2024, various factors including regulatory developments and institutional investments will play a crucial role in determining XRP's market performance.
On a month-to-date basis, XRP's price has risen by 10%, starting at $0.55 and reaching $0.62. This positive trend may be attributed to the broader market recovery, particularly following Grayscale's launch of the XRP Trust. Many investors view this launch as a precursor to a potential XRP ETF, despite ongoing regulatory challenges.
The increase in XRP's Open Interest (OI) to nearly $900 million indicates growing speculative activity. A rising OI suggests that more capital is entering the derivatives market, which could bolster XRP’s price trend as we move into October.
However, not all analysts agree on the impact of the potential XRP ETF. According to Juan Pellicer, Senior Researcher at IntoTheBlock, Ripple's upcoming stablecoin launch and integration with Decentralized Finance (DeFi) may have a more significant impact on XRP's trajectory in the coming months.
