XRP Saw Bleak Q3, Falling by Over 35%
As noted by a recent article from The Next Web, XRP hasn’t had the best of quarters, falling from $0.40 to $0.25 from the start of July to the end of September. This represents a 35% drop against the U.S. dollar over the course of three months. (Below chart courtesy of The Next Web)
Prices have since recovered slightly, with the third-largest cryptocurrency pressing higher to $0.292 as of the time of writing this article.
Despite this, it is clear that XRP’s performance is still harrowing, having largely underperformed Bitcoin, which fell by a relatively mere 22% during that same time period (Q3).
Do XRP Holders Have Anything to Look Forward to?
While XRP saw a harrowing third quarter, do bulls of the cryptocurrency have anything to look forward to or to look at?
Well, apparently so, from both price (technical) and fundamental standpoints.
On the price side of things, XRP’s bull case has purportedly started to build. Per previous reports from this outlet, he XRP/BTC pair has begun to flash some bullish signs over recent trading sessions. These include but aren’t limited to the fact that the cryptocurrency tapped and bounce off of a daily demand level, the price has held the 50-day moving average, and low-time frame price action has seen the par “grind back inside a range.”
Also, prominent commodities trader Peter Brandt noted that the altcoin has formed a diamond pattern. While he noted that this has historically marked a “top pattern among traditional markets,” he added that it might work as a bottom in cryptocurrency markets. Indeed, the crypto recently broke above the diamond pattern, leading Brandt to remark that a move to $0.4691 — some 50% higher than the current price point of just under $0.30 — may be inbound in the coming days and weeks, maybe months.
In terms of fundamentals, Coinmetrics has found that the XRP Ledger’s metrics have begun to surge higher:
Firstly, there has been a significant increase in the transaction count over the last fortnight,” they said while pointing to the below chart.
They added that the number of addresses with a balance of at least 10 XRP continues to increase, which they claim is a healthy on-chain trend.