As October draws to a close, the crypto space is abuzz with anticipation over what November may bring. All eyes are on XRP, one of the market's most popular digital assets, which has just wrapped up an astonishing performance in October.
Surging ahead with an impressive gain of 6.97%, XRP has defied its typical October history, which usually sees declines averaging around -4.36% and a median of -0.62%. Interestingly, this year's October marked the third most profitable month for XRP since its inception in 2013.
Looking ahead to November, data from the CryptoRank portal reveals that XRP has shown a promising trend in recent years. Over the past decade, the average return on investments for XRP in November stands at an impressive 77.3%.
Unpredictable month
However, it is essential to note that the median statistic, which is a more reliable measure, points to a less optimistic figure of -10.2%. The significant variance between the average and median returns is mainly attributed to a few extraordinary spikes in XRP's price in 2013, 2014 and 2020.
Despite the overall positive outlook, the history of XRP in November has been mixed. Out of the last 10 years, XRP concluded the month in the green only in 2013, 2014, 2017 and 2020, leaving it with a score of 4-6 in favor of loss-making Novembers.
Nonetheless, as observed in October, XRP has demonstrated its capacity to defy historical price predictions. With the cryptocurrency market's inherent volatility and the token's track record of surprising surges, it will be interesting to see if the bulls will be able to maintain and potentially tip the balance in favor of a profitable month for XRP.