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Cryptocurrency XRP has shown significant jumps, especially in September. Developments in Ripple Labs’ ecosystem and the expansion of the XRP Ledger can increase the asset’s price. However, investors expect XRP to find stable support at $0.60 in the short term.
What September Brings for XRP
XRP’s history has seen remarkable performances, especially in September. In 2013, the cryptocurrency XRP recorded a 94.4% increase, achieving its largest September jump. In recent years, it gained 46.9%, 73.2%, and 46.2% in 2016, 2018, and 2022, respectively.
However, there were also significant declines during the same periods. For example, in 2017 and 2021, XRP lost more than 20% of its value. On average, XRP’s growth rate in September is 13.7%. If this trend continues, the asset could rise by 13% from its current downtrend.
Ripple Labs Influences XRP’s Future
XRP’s performance is largely related to Ripple Labs Inc. The lawsuit process, which has been ongoing for more than three years, caused XRP to miss previous bull cycles in the market. However, this lawsuit process may be considered over with a $125 million penalty payment.
Now, attention is on Ripple’s steps to increase XRP’s appeal and demand. Ripple can boost the cryptocurrency’s price by developing the XRP Ledger and expanding DeFi offerings linked to XRP.
Short-Term Expectations for XRP
Although XRP shows upward trends, investors expect the cryptocurrency to form stable support at $0.60 in the short term. Stable support at this level will be critical for XRP’s future performance. If positive developments in Ripple’s ecosystem continue, XRP is likely to achieve a stable rise above this level.
XRP’s historical performance and Ripple’s strategic moves offer promising signs for the cryptocurrency’s future. However, in this closely watched process, how market dynamics will shape up remains to be seen.
