In the latest altcoin news, we have Ripple in the focus – this time for being one of the worst performing cryptocurrencies in September. Even though the XRP altcoin managed to be among the best performing cryptocurrencies months ago, the bullish sentiment hasn’t sustained well last month.
The XRP-USD pair has recorded a 24% decline as October heads to a close. It fell from 0.5831-fiat to 0.4400-fiat and the coin got sold off to the tune of over $7 billion, despite being surrounded with strong fundamentals all month long.
This includes the launch of the xRapid system, new partnerships with Viamericas, Moneytenint and the National Bank of Kuwait, as well as the release of Ripple’s Q3 report which showed that XRP sales doubled compared to its Q2 output.
However, XRP recorded a loss this October and was in a downside correction wave from the higher highs established at $0.79080. There were no fundamental factors attributed to the bearish bias despite XRP seeing its price being pumped during mid-September.
The price of Ripple dropped and formed a lower low towards $0.37924 after the day trading started exiting their long targets on higher profits. The sentiments began improving on 11th of October, and the volume surged from $400 million to $900 million – mostly because of the xRapid launch and the Swell conference, according to some analysts.
On October 29th, Ripple dropped towards 0.43491-fiat in response to a wide market drop – and the price action has slowed down once again despite the coin’s bullish bias in the long run.
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