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It is shaping up to be a bullish month for the cryptocurrency market so far. Uptober, as it is popularly called within the crypto ecosystem, has delivered two new all-time high prices for Bitcoin, with the leading cryptocurrency topping the $126k level a few hours ago.

Several altcoins are also rallying, with Ether hitting $4,700. However, Ripple’s XPR is yet to kick off its rally as it is the worst performer among the top 10 cryptocurrencies by market cap over the last seven days. This could change soon, as XRP could break out and record excellent gains in the near term. 

While BTC, ETH, and SOL are currently outperforming XRP in October, Ripple’s native coin could soon catch up to them. The four major catalysts that could spur XRP’s rally are the potential XRP spot ETF launch and Ripple receiving a banking license. 

The US SEC will decide on several XRP ETF applications before the end of the month. The approval of XRP-spot ETFs may open the floodgates for Wall Street money to pour into the crypto asset.

XRP could record massive gains, as seen with BTC and ETH following their spot ETF launch. BTC added 169% to its value since the launch of spot Bitcoin ETFs on January 11, 2024. A similar trajectory could see XRP surpass $5. 

Standard Chartered Bank predicts that XRP could hit $5 by the end of the year, with a $12.5 target by 2028.

Secondly, XRP would likely benefit from Ripple obtaining a banking license. The banking license would increase demand for Ripple’s XRPL and global remittances, pushing XRP’s price higher. 

The XRP/USD 4-hour chart is bullish and efficient despite the coin failing to stay above $3.0 in recent days. XRP is down 0.78% in the last 24 hours and is now trading at $2.96 per coin. 

Ripple’s native coin underperformed the broader market (1.68%) despite briefly climbing above the psychological $3 level. The technical indicators remain bullish, suggesting that buyers have regained control of the market. 

The Relative Strength Index (RSI) is above the neutral 50 and will need to climb higher for XRP to embark on a rally. The MACD lines are also within the positive territory, suggesting a bullish bias.

If XRP embarks on its rally, it could top the $3.1 resistance level in the near term. A breakout above $3.1 would allow XRP to target its recent high of $3.6 before surging towards a new all-time high above $4.

However, failure to close above the $3.1 resistance level could see XRP retest the $2.70 support level over the next few days. Regardless, the market momentum remains bullish, and XRP could embark on its rally soon.

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