Ripple (XRP) Price Crosses $0.66 First time in 6-Months: 3 Signals Traders Must Watch

Why is Ripple (XRP) Price Going Up?

XRP price has skyrocketed 13.45% over the weekend, reaching a 6-month peak of $0.66 on Sept 29, markets analyst hint that the rally could be linked to a whale accumulation ahead of the launch of their RLUSD stablecoin. Could XRP price advance above the $0.75 range?

RLUSD Launch and ETF Plans is Behind XRP Rally, IntoTheBlock Analysts

Ripple’s (XRP) price rose 13.45% over the weekend, hitting a 6-month high of $0.66 on September 29. The rally has been linked to to several key factors, including whale accumulation and developments around Ripple’s stablecoin, RLUSD as well plans to launch an XRP Spot ETFs by US-based Fund managers.

One significant catalyst is the excitement surrounding Ripple’s RLUSD, a USD-pegged stablecoin. RLUSD is in private beta testing on the XRP Ledger and Ethereum, and its launch is expected to bolster Ripple’s ecosystem, especially in cross-border payments.

There is a lot of anticipation around XRP’s launch of their RLUSD stablecoin and how it integrates into the DeFi space. If that takes off, we could see a major boost in XRP’s utility and adoption.

There are also ongoing efforts to create an XRP ETF, which could be have a significant impact on XRP’s performance.

– Juan Pellicer, Senior Research Analyst IntoTheBlock.

The promise of regulatory compliance, regular audits, and transparency has attracted investor interest, which likely contributed to XRP’s recent price jump​.

Additionally, rumors surrounding Changpeng Zhao’s (CZ) early release from prison on September 27 may have further fueled the rally. CZ, the founder of Binance, is a prominent figure in the crypto world, and his early release sent ripples across the market.

The chart above shows that the XRP price rally closely coincided with CZ’s prison release. As of Friday Sept 27, XRP had traded as low as $0.58. But since the Binance co-founder regained his freedom XRP gained 13.45% within 48-hours, as raced to a new 6-month peak of $0.66.

While CZ’s is banned from managing Binance or any other publicly traded company, the Billionaire still controls significant holdings within the world’s largest exchange and has show interest to invest in new projects within the cryptocurrency sector.

The surge in over market activity, media buzz and improved sentiment that heralded CZ’s release may have contributed to XRP’s ongoing price rally.

US Presidential Candidates Hinting at Friendly Crypto Regulations

Furthermore, the perceived improvement in the regulatory landscape has likely played a role. Both major U.S. presidential candidates have taken a more favorable stance toward crypto regulations, providing hope for clearer regulatory frameworks in the future.

As of Sept 30, data culled from predictions market platform, Polymarkets shows that Kamala Harris is currently in the lead, with 50% of active cryptocurrency traders betting on the Democrat candidate, against Trump’s 49%.

However, both Trump and Kamala Harris have promised a friendlier stance towards the cryptocurrency sector during their administration.

Notably, XRP price and ecosystem growth was severely impeded as it struggled under a prolonged legal battle against  the US SEC under the President Biden regime over the last 4-years.

Hence the prospect of a more supportive regulatory environment looms, from the United States Presidential candidates now incentivizes XRP investors to positioning themselves ahead of what could be a more crypto-friendly future​, after the November 2024 elections.

XRP Price Forecast: Bitget Analyst Hints $0.75 Breakout Ahead

At the time of writing on Sept 30, XRP price has retraced towards the $0.64 level. However analysts at Bitget Exchange have hinted that the rally may advance further towards the $0.75 level in the weeks ahead.

Based on technical analysis and market sentiment, XRP’s movement in October may fluctuate between $0.42 and $0.75, with the potential for an upward breakout.

Given the extremely optimistic market sentiment, if there is the ongoing SEC appeal process yield a positive outcome, XRP may advance towards higher prices.

– Ryan Lee, Chief Research Analyst, Bitget.

However, short-term caution is due to potential market volatility triggered by early-profit takers. XRP price is likely to enter a mild correction before another leg-up.

From a technical perspective, the MACD (Moving Average Convergence Divergence) indicator continues to show bullish momentum, with a positive crossover in early September. The histogram’s green bars indicate increasing buyer interest, though the slight decrease in the latest bars signals potential short-term profit-taking, which could cause a brief pullback before another leg up.

Two key resistance levels to watch are $0.66, which represents the high from the most recent price spike, and $0.70, a psychological level where a breakout could lead to further bullish momentum. If XRP can breach these levels, particularly if positive news from the ongoing SEC appeal surfaces, we may see the cryptocurrency push towards $0.75 and beyond.

On the support side, $0.60 is critical. If bulls manage to maintain this level, it would signal sustained upward momentum. Below this, $0.53 offers additional support based on the Parabolic SAR trend in the chart, which has shown steady upward movement since early September.

In summary, XRP appears poised for continued upward momentum, assuming it holds key support levels. However, volatility remains, and traders should stay cautious of potential corrections, particularly around major resistance points.