The XRP price has been on a growth trajectory that was largely hampered by the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple. But much of the altcoin’s performance over the months has been quite predictable, and with its history we can get an idea of what to expect for the XRP price this month.
October is not looking good for the XRP price
In a heatmap of historical XRP price data generated by NewsBTC, we can see how the month of October has typically gone in the past. The heat map shows XRP’s performance over the past eight years, and October’s numbers are among the worst historically.
As seen 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 past eight years, only two years have posted a positive return for the XRP price in October.
In the first four years of the altcoin’s existence, we can see that the month of October was marked by losses. In the fifth year of 2019, XRP saw its first profitable October with an increase of 14.84%. Then a changing trend is recorded, where one year is profitable and the next year is filled with losses.
October has been historically bearish for XRP | Source: NewsBTC
The year 2022 was no different, with a loss of 3.24%, after October last year ended with a gain of 16.71%. So if this is the case, October 2023 could end well. However, as the charts show, we are already seeing XRP prices fall this month, so to finish strong there would need to be a massive price reversal. Otherwise, October 2023 could stick to historical performance and end up in the red.
October is not a good month
As shown herein report from BitcoinistAn average of 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 shows that October is historically the third worst month for the cryptocurrency.
The only months with worse performance than October are the months of February with slightly higher loss figures. Meanwhile, June takes the crown for the month with the worst returns, as the month ended with losses over the past seven years.
On the other hand, December presents itself as the best month for the XRP price. This is followed by April in second, while May and March take fourth and fifth place respectively. January, November and September are also profitable months, but to a much lesser extent.
XRP suffers losses in October | Source: XRPUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com