Ripple’s native token concluded September on a positive note, continuing its upward trajectory that commenced with a modest rise in July. All attention is currently focused on October across multiple dimensions. The question is: can XRP continue its run, or will the last two October editions take their toll? Recall that August marked the cross-border token’s most successful month in over a year, as it experienced a remarkable increase of 30% from beginning to end. Moreover, it had declined to just below $1.00 in the middle of the month, which renders its closing figure even more remarkable. XRP commenced September positively, buoyed not only by the impressive performance in August but also by the fact that it had concluded all four preceding Septembers with gains.
The ninth month of the year exhibited favourable developments on several fronts. Initially, the price increased by nearly 10%, with XRP concluding at more than $1.50. It attempted to breach the $1.60 resistance on multiple occasions, yet was unsuccessful. Furthermore, the spot ETFs that monitor its performance have recorded significant successes. Only three days experienced minor declines: September 2, 17, and 18. On a broader scale, the funds have maintained a consistent performance, not experiencing a single week of decline since early July. Data indicates that the ETFs concluded September with a notable increase, accumulating over $120 million.
Furthermore, the cumulative net inflows attained a record peak of almost $1.8 billion. October, as a month, carries notable importance for the cryptocurrency community. Significant advancements over the years have led to its aptly assigned moniker, “Uptober.” However, there have been significant exceptions over the years at the broader market level, while Ripple’s XRP has not consistently reaped benefits during the month. For instance, the previous two editions resulted in double-digit declines for the cross-border altcoin. It plunged by 16.7% in 2024 and experienced a significant correction, alongside the rest of the market, last year, after the notorious October 10 massacre.
Data indicates that merely five of the past thirteen Octobers have yielded positive returns for XRP. The last occurrence was in 2023, when the asset experienced a notable increase of 16.5%. As such, XRP enters the new month at a pivotal juncture, characterised by its significant three-month upward trend yet also shadowed by its contentious history in October.
