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September is ending today, with many analysts previewing digital currencies' past and future performances, like XRP's. Unlike August, XRP ended September on a very bullish note. Data from Cryptorank shows that the coin is up by more than 12% at the time of writing, defying the generally historical bearish drawdown for the month. With this growth, the question remains whether or not XRP can pull off this stunt again in October.
Uptober effect might 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 deemed one that can help usher in a more bullish November.
Gamza KhanzadaevPer Cryptorank data, XRP does not naturally grow bullish in October. Since 2013, it has closed the month in the red five times, with upticks recorded five times as well. Overall, the average growth rate of XRP for the month over the past 10 years is down 3.49%.
If XRP repeats its September performance, it might eventually breach its $0.70 price mark in the coming month. On the other hand, if it fails to keep up its current momentum, its negative retracement might stun its expectant bulls.
One 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 their ecosystem trends to anchor their growth.
The ongoing evolution of the XRP Ledger ecosystem may serve as a major catalyst for XRP. Ripple Labs Inc. is currently in the late stages of its RLUSD stablecoin testing on XRPL.
While the exact operational model remains unknown, the RLUSD is bound to complement the role of XRP in XRP Ledger. This will ultimately boost XRP liquidity, enhance market sentiment and drive the acquisition of the coin in the coming weeks.
If Ripple launches the stablecoin in October, the trajectory for XRP might change overall.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya