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Ripple's XRP was among the best performing cryptocurrencies in September. But the bullish sentiment did not support well this month.
The pair from XRP to USD recorded a monthly loss of 24% while October starts to close, going from 0.5831-fiat to 0.4400-fiat. The coin has been sold for over 7 billion dollars, despite being surrounded by solid fundamentals throughout the month. This includes the launch of the xRapid system, new partnerships with Viamericas, Moneytenint and National Bank of Kuwait, and the release of the Ripple Q3 report which showed that sales of XRPs doubled compared to second quarter production.
Losses from the beginning of October
The signals at the beginning of October were negative overall, as the XRP was in a downward correction wave from the highest highs set at $ 0.79080. No fundamental factor attributed to the bearish prejudice. On the technical side, however, the XRP market saw the price pumping during the mid-September session, as traders set their long-term goals on the highest highs, again on the basis of strong fundamentals on the market. It included the launch of xRapid e strategic and infrastructural developments reported on October 1st during Ripple & # 39; s Swell conference.
However, the price of the XRP declined, forming lows below $ 0.37924 after traders began to abandon their long-term goals on higher profits.
Feelings began to improve only after 11, as XRP recorded one of the fastest price recoveries in daily cryptographic tables, with an increase of 16% in a seven-hour trading window. The volume rose from $ 400 million to $ 900 million marks over the same period. Analysts believed that, although the impact of the launch of xRapid and the Swell conference was not immediately visible on the XRP market, its long-term relevance helped the currency tremendously.
Tether effect
The XRP / USD pair received another key push during mid-October, when traders began trading their Tether tokens with other cryptographic assets. The period has seen inorganic spikes in the encrypted market, with every coin on top including Bitcoin, Ethereum and Bitcoin Cash that have marked volatile upside stocks. The XRP rose 10% on the day, setting new top intraday at 0.52438-fiat on BitFinex.
The price has subsequently been corrected downwards and is continuing on a stable lateral tendency since the volume is low. On October 29, the XRP / USD fell to 0.43491-fiat in response to a decline in the market. Price action has slowed once again, but news of Ripple's latest new partnerships is supporting the bullish trend of long-term currency.
XRP / USD technical analysis
The XRP / USD pair is now supported by a simple 100-hour moving average down, while its upside seems rather limited by the 200-hour moving average. In the short term, the price is trying to set a breaking action by breaking below the 50% Fibonacci level to 0.43889-fiat, bringing a brief opportunity to the next at 0.39525-fiat. On the upside, an unlocking action may take effect after the XRP / USD has broken above 0.48253 to set long targets on 0.62379-fiat.
The indicator of the RSI momentum is tending downward in the oversold region, while the stochastic oscillator tends towards a neutral area. Overall, the injury appears neutral in the daily charts.
Shutterstock foreground image. TradingView Charts.
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