Will XRP reach $1.60 in October?

Analysis

XRP was trading around $1.36 on Oct. 13, with a 24-hour high of $1.41 and a low of $1.32. To hit $1.60 in October, it needs a clear jump from there before the month ends on Oct. 31. The forecast leans toward that not happening. The tape isn't helping. XRP fell about 8% over the past week, even after a Nasdaq debut for Evernorth, a Standard Chartered Dubai deal and a small ETF inflow. Reports indicate the Standard Chartered custody service targets Ripple's stablecoin rather than XRP itself, so clients aren't required to hold the token. Good headlines, but the price didn't care. The chart looks heavy too. Reports describe bears still in control on the 4-hour view, with XRP below key moving averages. Resistance is bunched between $1.45 and $1.50, and a move above $1.45 is what analysts say could revive buying. Support sits around $1.30 to $1.38, and a close below $1.32 would signal more downside. There is some fuel on the calendar. Ripple's Swell conference runs Oct. 27 to 29 in New York, and a Federal Reserve rate decision is also reported for the final week of October. Either could shake things up, though how they land is unknown. Earlier in the month XRP was near $1.52, so $1.60 isn't a fantasy, but the recent slide has pushed it further away. Seasonal weakness in October adds to the cautious tone. Watch the $1.45 to $1.50 band. A clean break above it, ahead of Swell and the Fed, is the thing that would change the picture.