<p>Ripple Labs-backed XRP has seen heightened volatility recently, driven by changes in the <a href="https://coinpedia.org/news/crypto-news-today-oct-2nd-2024-bitcoin-and-major-altcoins-fall-amid-iran-israel-war-tensions/" target="_blank" rel="noreferrer noopener">global economic</a> outlook. With a fully diluted valuation of approximately $59.7 billion and an average daily trading volume of $3.5 billion, XRP dropped nearly 4 percent over the past 24 hours, trading at around $0.598 on Wednesday, October 2, during the early European session.</p>   
<p>While the recent price drop is largely attributed to escalating geopolitical tensions in the Middle East, XRP had already hinted at a breakout from a long-standing falling logarithmic trend earlier this week. Despite the price dip, XRP has maintained its position above the 200-day Moving Average (MA) since its bullish breakout in September.</p>   
<p>So... are we headed to new highs? </p>   
<p>From a technical perspective, XRP’s daily chart shows a macro reversal pattern after being stuck in a corrective phase since July 2023. If October’s bullish crypto sentiment holds, XRP could rally to $0.75, aligning with the 1.618 daily Fibonacci Extension level.</p>   
<h2 class="wp-block-heading" id="h-ripple-s-xrp-unlock">Ripple's XRP Unlock </h2>   
<p>In the past 24 hours, Ripple unlocked 1 billion XRP units from its escrow account. However, <a href="https://coinpedia.org/news/ripples-800-million-xrp-lock-bull-rally-ahead/" target="_blank" rel="noreferrer noopener">Ripple locked backed 800 million</a> XRP to the escrow account for later unlocks</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/whale_alert/status/1841091970686431315?s=46 
 </div>
</figure>   
<p>The blockchain payment comes as left with 200 million XRP, worth about $118 million, to fund its operations, including further developing the XRPL chain to enable programmable smart contracts in the near future.</p>   
<h2 class="wp-block-heading" id="h-xrp-etf-soon">XRP ETF Soon?</h2>   
<p>Following the notable Ripple win against the US SEC, which gave XRP much-needed regulatory clarity, more institutional investors have shown interest in the XRP market. In the latest update, Matt Hougan, CIO and co-founder of Bitwise confirmed that the firm has filed in the state of Delaware for an XRP ETF.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/eleanorterrett/status/1841228826388337097?s=46 
 </div>
</figure>   
<p>If approved later next year, the <a href="https://coinpedia.org/news/xrp-etf-approval-in-sight-bitwises-latest-filing-sparks-investor-interest/" target="_blank" rel="noreferrer noopener">Bitwise spot XRP ETF</a> will further motivate other firms to follow the same path and significantly increase the mainstream adoption of the crypto asset.</p>   
<h2 class="wp-block-heading" id="h-major-xrpl-development-nbsp">Major XRPL Development&nbsp;</h2>   
<p>Ripple Labs continues to make strides in XRPL development to challenge leading blockchains like Ethereum (ETH), Solana (SOL), and BNB Chain. Ripple developers are currently testing RLUSD, a fiat-backed stablecoin, as part of their broader strategy to enhance the XRPL ecosystem.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/rl_tracker/status/1841238761868312854?s=46 
 </div>
</figure>   
<p>As a result of these notable developments, XRP’s Open Interest has surged to over $1 billion, indicating a potential bull run in the near future. The combination of technical indicators and institutional interest suggests XRP could see significant gains in the coming months.</p>   [post_titles_links postid="358263"]   
<p><strong>Do you believe Ripple can compete with Ethereum, Solana, and BNB Chain? Join the discussion!</strong></p>

Bitwise XRP ETF Proposal Sparks Bullish Outlook: Rally Ahead?!

Table of Contents

CoinPedia News

Other articles published on Oct 2, 2024

Qubetics Resolves Blockchain Limitations with its WEB3 Aggregated Chain

Breaking: SEC files notice of appeal against Ripple ruling

Solana Trader With $100 Million Profits From Bonk Buys This $0.03846 DeFi Token

October showdown: AVAX and NOT look set to lead the charge for huge gains

Trust Wallet Boosts TWT Coin Price with New Launchpool

ARCHIV3: Poland’s Second-Largest Bank Chooses Aleph Zero to Tokenize Historical Art

Join our free newsletter for daily crypto updates!