The XRP price has had a rollercoaster growth trajectory which was mostly hindered by the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple. But a lot of the altcoin’s performances over the months have been rather predictable, and with its history, we can get an idea of what to expect for the XRP price this month.
October Not Looking Good For XRP Price
In a heat map of historical XRP price data generated by NewsBTC, we can see how the month of October has usually gone in the past. The heat map shows XRP’s performance over the last eight years and the figures for October are some of the worst historically.
As shown in the image below, the month of October has historically seen more losses than gains when it comes to the XRP price. In fact, out of the last eight years, only two years have seen October record a positive return for the XRP price.
In the first four years of the altcoin’s life, we can see that the month of October was characterized by losses. Then in the fifth year in 2019, XRP saw its first profitable October with a 14.84% increase. Then from there, there is an alternating trend recorded with one year being profitable and the next being filled with losses.
October has been historically bearish for XRP | Source: NewsBTC
The year 2022 was no different, seeing 3.24% losses after the previous year saw October end with 16.71% gains. So if this holds, it could be that October 2023 would end on a good note. However, as the charts show, this month is already seeing XRP prices fall, so for it to finish strong, there would have to be a massive price reversal. Otherwise, October 2023 could stick to historical performance and end in the red.
October Is Not A Good Month
As shown in this report from Bitcoinist, taking an average of the XRP price performance in October over the years shows that it is not a good month for the altcoin. The chart shared in the report reveals that historically, October is the third-worst month for the cryptocurrency.
The only months that have seen worse performance than October are the months of February with slightly higher loss numbers. Meanwhile, June takes the crown for the month with the worst returns as the last 7 seven years have seen the month end with losses.
On the other hand, December presents as the best month for the XRP price. This is followed by April being the second, with May and March snagging fourth and fifth place, respectively. January, November, and September are also profitable months but to a much lesser degree.
XRP suffers losses in October | Source: XRPUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
Credit: Source link
