As September came to a close, XRP, along with other major cryptocurrencies, experienced a bullish trend. The question now arises: can XRP continue this upward momentum into October and beyond?
Let’s delve into XRP’s performance over the past month and explore its potential for the remainder of 2024.
Despite a bearish start in early September, XRP managed to reverse its fortunes in the following weeks.
The cryptocurrency saw a significant surge in the last three weeks, with a 31% increase from its September low of $0.502 to a monthly high of $0.664.
XRP recorded an overall gain of 7.6% from its opening to closing price for the month.
Following its performance in the last four weeks, XRP’s price is once again testing a resistance level that has proved challenging in previous months, particularly in July and August.
While XRP surpassed its July and August highs in September, concerns arise regarding the sustainability of this recent bullish trend.
Notably, the cryptocurrency faced resistance towards the end of the month, with indications from the Money Flow indicator hinting at potential liquidity outflows.
Implications for Traders
Recent data from Market Prophit reveals that sentiment surrounding XRP, from both retail investors and institutional players, leaned towards the optimistic side in the last 24 hours. This shift shielded the cryptocurrency from significant outflows and supported its recent recovery.
This data could provide traders with valuable insights into XRP’s performance over the coming weeks, especially as the cryptocurrency stands at the cusp of breaking out from a long-term triangular pattern.
However, market activity has shown some uncertainty regarding XRP’s next move, with buy and sell volumes dipping notably over the past three days.
The current situation indicates a balance between bullish and bearish sentiment, with volumes dwindling and uncertainty prevailing regarding the market’s direction.
Despite the optimism surrounding XRP in September among both retail and institutional investors, on-chain analysis suggests that the cryptocurrency’s future trajectory remains uncertain.