Home / Cryptocurrency / Up to 80%: September's XRP was not just bullish, it was a record

Up to 80%: September's XRP was not just bullish, it was a record

The XRP came back to life in September despite a relatively large bearish market.

Over the 30-day period, the world's largest cryptocurrency price, bitcoin (BTC), fell by a modest 5%. Most cryptocurrencies have yielded to the same fate, but some were able to collect an offer. However, nobody has seen greater gains than XRP, whose performance in September it was not just bullish, it was a record.

Only on September 21st, the price of XRP increased by over 75% and ended the day with its highest trading volume ever recorded on the popular cryptocurrency exchange, Bitfinex.

In addition, the explosive move allowed XRP to outpace ETH as the second largest cryptocurrency in the world by market capitalization, an enterprise completed in December 2017.

It should be noted that the price increase may have had some speculative support. The price increase in XRP was probably catalyzed by the anticipation of the upcoming Ripple Swell conference scheduled to start on October 1st. The conference was designed to highlight Ripple's product line and sparked investor interest last year before its inaugural launch.

However, XRP ended September with a price increase close to 80 percent monthly to cement it as the best monthly result among the 25 largest cryptocurrencies in the world by market capitalization.

Monthly winner

XRP

Monthly performance: +79 percent
Historical maximum: $ 3.70
Closing price on September 31st: $ 0.59
Ranking according to market capitalization: 2

The XRP was more productive from September 18 to 22 when its price rose more than 150% from $ 0.27 to a maximum of three months of $ 0.69, according to CoinMarketCap. In addition, the high level of market capitalization, $ 24 billion, helped to catapult it above ETH as the second cryptocurrency in the world.

Monthly chart

Several bullish developments took place on the daily chart during September.

On September 18, the price turned out to be bullish on a broad pattern of sagging wedge, suggesting that a bullish reversal would soon be probable. On the change in cryptocurrency, Poloniex, the price rose by 145% from the close of $ 0.31 on 18 September to a maximum of $ 0.77 on 21 September.

The wave quickly pushed the Relative Strength Index (RSI) value in overbought territory, indicating that the bulls were reaching a temporary exhaustion. That said, the RSI then cooled and its price formed a bullish pennant very similar to that of its structure in mid-December 2017.

Finally, the GMM (Grade Multiple Moving Average) indicator turned green for the first time in almost 11 months. This indicator uses groups of moving averages to identify changes in a trend and the indicator that reverses green is bullish and considered a buy signal.

The fall of the wedge that falls, the acceptance over the 200-day EMA, the pennants and the green Guppy, all favor a rally in XRP towards its recent maximum of $ 0.77 on Poloniex.

The cryptocurrency could see a pullback of "selling the news" after Swell's conference. However, the technical injury would remain bullish as long as XRP is trading above its lowest daily minimum of $ 0.43.

Shortly before the printing time, XRP was trading at $ 0.58, according to CoinMarketCap.

Revelation: The author retains BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Image of the XRP logo via Shutterstock; Charts through TradingView

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