XRP price had a difficult performance in August despite having some notable accomplishments like the Rail acquisition, strong Ripple USD (RLUSD) growth, and the launch of the XRP card in a partnership with Gemini. It plunged to $2.80, down 25% from its highest point this year.
XRP Price Prediction for September
Technical indicators are sending mixed signals regarding the next XRP price forecast for September. On the negative side, there are signs that the coin has formed the highly bearish descending triangle chart pattern whose lower side is at $2.80. The other negative is that it has moved below the Ichimoku cloud indicator.
On the positive side, the positives are much better. It has formed a bullish pennant pattern, characterized by a vertical line and a symmetrical triangle. This pattern points to an eventual rebound in the coming weeks.
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The other positive is that the XRP price has remained above the 100-day moving average and the strong pivot and reversal of the Murrey Math Lines.
The XRP price has also formed a cup-and-handle pattern, which is often a sign of continuation. Therefore, the most likely scenario is where the coin stages a strong bullish breakout. If this happens, the next key point to watch will be at $3.50, the upper side of the cup. A move above that level will indicate further gains, potentially reaching the resistance point at $5.
Top Catalysts for the Ripple Price in September
The main catalyst for the XRP price is the rising expectation that the Securities and Exchange Commission (SEC) will approve all or some of the ten ETFs by the deadline in October. It has set October 8 as the deadline for the Franklin Templeton and BitWise XRP ETF.
Most traders on Polymarket believe that the SEC will approve XRP ETFs this year, meaning that it could happen in October. Therefore, the most likely scenario is where the XRP price surges before the deadline.
The other potential catalyst for the XRP price could be the announcement of a Ripple IPO. While the leaders have ruled out going public this year, they may announce a potential date in September.
Forge Global data indicate that the Ripple stock price has surged in the secondary market, resulting in a market capitalization of nearly $20 billion. The odds of an IPO have increased after the recent IPOs of companies like Bullish and Circle.
The other potential catalysts for the XRP price include the ongoing growth of RLUSD, potential partnerships with major companies, and the Federal Reserve’s interest rate cut.
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