XRP Makes a 24% Monthly Decline, Among the Biggest in October

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FxPro Daily Economic Events
FxPro Daily Economic Events

Ripple’s XRP was among the best performing cryptocurrencies in September. But the bullish sentiment hasn’t sustained well this month. The XRP-to-USD pair has recorded a 24 percent monthly loss as October heads to a close, falling from 0.5831-fiat to 0.4400-fiat. The coin got sold off to the tune of over $7 billion, despite being surrounded with strong fundamentals all month long. That includes the launch of the xRapid system, new partnerships with Viamericas, Moneytenint, and National Bank of Kuwait, and the release of Ripple’s Q3 report that showed XRP sales doubled compared to its Q2 output.

The early-October signs were negative overall, as XRP was inside a downside correction wave from the higher highs established at $0.79080. No fundamental factors attributed to the bearish bias. On the technical front, however, the XRP market saw price being pumped during the mid-September session as traders established their long targets on higher highs – again on the promise of strong fundamentals around the market. It included the xRapid launch and the strategical and infrastructural developments reported on October 1 during the Ripple’s Swell conference.

The XRP price dropped anyway, forming lower lows towards $0.37924 after day traders started exiting their long targets on higher profits. The XRP/USD pair received another fundamental push during the mid-October when traders started swapping their Tether tokens for other crypto assets. The period saw inorganic surges across the crypto market, with every top coin including Bitcoin, Ethereum and Bitcoin Cash marking volatile upside actions. XRP surged 10 percent on the day, setting new intraday tops at 0.52438-fiat on BitFinex.

XRP Makes a 24% Monthly Decline, Among the Biggest in October, CCN, Oct 31

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