Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
September ends today, with many analysts predicting the past and future performance of digital currencies, like that of XRP. Unlike August, XRP ended September on a very bullish note. Data from Cryptorank shows the coin is up over 12% at the time of writing, defying the month’s generally historic bearish decline. With this growth, the question remains whether or not XRP can pull this stunt again in October.
Uptober Effect Could Stun XRP Bulls
In the digital currency ecosystem, October is generally considered a positive month for crypto assets. From Bitcoin (BTC) to Ethereum (ETH) and other altcoins, the month is seen as one that can contribute to a more bullish November.
Related
According to Cryptorank data, XRP does not naturally turn bullish in October. Since 2013, it has closed the month in the red five times, also with five increases. Overall, XRP’s average growth rate for the month over the past 10 years is down 3.49%.
If XRP repeats its September performance, it could possibly surpass the price of $0.70 in the coming month. On the other hand, if it fails to maintain its current momentum, its negative retracement could cripple its future bulls.
A major catalyst to watch
Many digital currencies could jump on the bandwagon and record impressive growth in the coming weeks; however, many will rely on trends in their ecosystems to anchor their growth.
The continued evolution of the XRP Ledger ecosystem can serve as a major catalyst for XRP. Ripple Labs Inc. is currently in the final stages of testing the RLUSD stablecoin on XRPL.
Related
Although the exact operating model remains unknown, RLUSD is intended to complement XRP’s role in XRP Ledger. This will ultimately increase the liquidity of XRP, improve market sentiment, and boost acquisition of the coin in the coming weeks.
If Ripple launches the stablecoin in October, the trajectory of XRP could change overall.
