XRP could reach $13 in October amid lawsuit resolution hopes

An analyst has suggested that October may be significant for Ripple's (CRYPTO:XRP) XRP, driven by the potential resolution of the ongoing lawsuit with the SEC. 

Many in the cryptocurrency community refer to October as "Uptober," a time historically associated with price increases for digital assets, including Bitcoin. 

JackTheRippler, an analyst in the crypto space, points to several factors that could influence XRP's price. 

The anticipated conclusion of the lawsuit, which has lasted nearly four years, is highlighted as a key element. 

In August, Judge Torres ruled that Ripple’s sales of XRP on secondary markets to retail investors do not qualify as securities transactions, although Ripple was fined $125 million for certain legal violations. 

This ruling is viewed by some XRP supporters as a positive development, especially since it significantly reduced the SEC’s initial $2 billion claim. 

The SEC has until October 6 to appeal this decision, but JackTheRippler believes they will not proceed. 

Additionally, he expects October to bring the start of tokenisation on the XRP Ledger and increased use of XRP by various financial institutions, which may support its value. 

Another analyst, EGRAG CRYPTO, has observed a pattern in XRP’s market movements that resembles the Nike logo, suggesting a possible bullish trend. 

He believes XRP could reach an estimated high of around $5.50 in the coming years, with the possibility of rising to $13 this year. 

However, this would require XRP’s market capitalisation to exceed $670 billion, a notable challenge given that only Bitcoin (CRYPTO:BTC) has reached that level.

At the time of writing, the XRP price was $0.5841.