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With October fast coming to an end, the "Uptober" reality check is becoming more visible for digital currencies like XRP. According to data from Cryptorank, XRP has lost more than 12% of its value, casting doubts on potential rebounds moving forward. With the current price outlook, the question remains: is the prospect of an "Uptober" boost now over for XRP?
Unpredictable rebound still possible
At the start of the month, the expectation that XRP would stun market bulls with its price action was high. Two major factors bolstered sentiment at the time. The first hinged on the precedent set by the coin in September and October 2023. Within this time, the coin grew by 7.98% and 16.5%, respectively. Many expected the coin to continue in this vein.
Tomiwabold OlajideAdditionally, the Ripple versus SEC lawsuit had no clarity as of then. Many expected the regulatory body to appeal the court's decision that XRP was a nonsecurity, which made bullish sentiment suffer, but the SEC decided not to appeal.
Still, rebound chances appear unlikely. However, many more events are ongoing within the broader XRP ecosystem that might reshape sentiment positively soon.
Potential XRP growth catalysts
The first of these catalysts is the growth of Ripple Labs' business. The firm is in the advanced stages of its RLUSD stablecoin testing, with the planned launch of XRP Ledger in the coming months. Most of the company’s executives attested that XRP will benefit from the RLUSD launch overall.
Gamza KhanzadaevMany advances are also occurring within the XRP Ledger ecosystem, including the recent linkup with MetaMask to enable cross-chain transactions.
From its current price of $0.5342, down by 2.32% in 24 hours, XRP can rebound soon. While most of the updates within the ecosystem are positive for the boosting of long-term value, the sentiment in their regular updates can also make a difference before the end of the month.
Alex Dovbnya
Vladislav Sopov
Dan Burgin