- XRP has surged past key resistance levels in October, fueled by legal victories that provide regulatory clarity and positive market sentiment from Bitcoin ETF approval.
- XRP is outperforming other major cryptocurrencies this month, with 15% growth compared to Litecoin and Stellar.
- Analysts predict the bullish momentum will continue for XRP in the coming weeks if Bitcoin’s price rises further due to ETFs.
XRP Surges Past Key Resistance Levels
Riding on positive market sentiment, XRP has surged past the crucial $0.6 resistance level, marking a 6% growth in 24 hours. This uptick has brought XRP back to its mid-August trading levels. The cryptocurrency is on track to conclude October with a 15.27% rise, outperforming the monthly growth of Litecoin and Stellar.
Legal Victories Provide Clarity for XRP
This surge has been fueled by several key developments, including the rejection of an appeal request by the SEC and the conclusion of a lawsuit implicating Brad Garlinghouse and Chris Larsen. These legal victories have provided much-needed legal clarity for XRP, paving the way for US and international expansion.
Market Sentiment Bolstered by Bitcoin ETF Approval
Market sentiment has been further bolstered by the buzz surrounding BlackRock’s Bitcoin ETF approval by the US SEC. This development, coupled with a substantial increase in trading volume to $22 billion, has invigorated XRP’s rally. Analysts project that if Bitcoin soars due to ETFs, altcoins like XRP are likely to follow suit.
Momentum Expected to Continue
The recent events have acted as catalysts for XRP’s growth, indicating potential for sustained momentum in the coming weeks. The bullish trend for XRP appears to be undeterred by bearish indicators.
The uptick in XRP‘s price has been driven by positive developments that provide more regulatory clarity. With market sentiment high due to the Bitcoin ETF approval, the coming weeks could see the momentum continue for XRP.