XRP, which suffered a 13.27% drop in value over the last seven days, is posting a recovery. The coin has climbed approximately 3% against Bitcoin in the past 24 hours as market sentiment shifted amid short-term bullish signals.

Can ETF speculation support XRP price recovery?

XRP’s Relative Strength Index (RSI) indicates that the asset is not oversold. However, the challenge for market activity is that investors have pulled back, and volume is at a massively low level. It is currently down by 30.4% at $5.72 billion despite the hype about upcoming developments like possible exchange-traded fund (ETF) approval.

Notably, the U.S. Securities and Exchange Commission (SEC) has upcoming deadlines to approve the spot XRP ETF this October. Many anticipated that XRP volume would be up as investors engage in a last-minute frenzy to accumulate ahead of a possible approval.

However, recent insights from market watchers suggest that the deadline is just procedural and not indicative of the project launch date. Additionally, many expect that the U.S. government shutdown might affect when the SEC will decide on XRP.

This might be responsible for the lag in volume, even as price outperforms the leading crypto coin by a significant 3%.

As of this writing, XRP is changing hands at $2.48, which represents a 1.5% increase in the last 24 hours. It earlier hit an intraday peak of $2.53 before slipping due to a lack of engagement from market participants. The coin’s ability to find stability above $2.50 could determine its next trajectory.

Historical Trends Suggest XRP to $5 in November

Primarily, for XRP to reclaim the $3 level, it has to retest the $2.70 - $2.80 sell zone, where it is likely to encounter huge resistance. If ecosystem bulls show support for the coin, it could catalyze the price outlook and push it to $3.0.

Interestingly, XRP’s current volatility might be a result of historical precedence and not limited to market volatility. As per Cryptorank data, the asset has always struggled in October despite the broader crypto market’s expected ‘Uptober’ rally.

Over the last 12 years, XRP’s average growth rate in the month stands at -5.22%. It has only managed to close green five out of 12 times. The data reveals that XRP might continue to fluctuate for the remaining two weeks in October and break out in November.

The coin has an average growth rate of 88% in November, and if XRP posts such an increase, it could soar to between $4.70 and $5. 

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