The Ripple price had a relatively difficult month in September. Its price initially rose to a high of $1.4150 and then crashed by more than 40% to a low of $0.8588. It is now trading at $0.9467, bringing its total market capitalization to more than $43 billion. It is the 6th biggest cryptocurrency in the world.
XRP September review
The biggest story in September was that Ripple Labs launched a massive $250 million creator fund. The funds will go towards creators who are building tokenized products and non-fungible tokens (NFTs). They will also go to brands and marketplaces that are exploring how XRP can be used in the NFT industry
In the statement, Ripple said that another goal for the funds will be to increase the tokenization of most assets. According to the World Economic Forum, about 10% of the world economy will be tokenized in the next six years.
The Ripple price also reacted to the ongoing partnerships being done by the developers. In September, Ripple Labs announced that it had partnered with the Bhutan central bank, in trying its CBDC solution. This solution leverages a private version of XRP’s ledger. As such, central banks can create the solution to build their CBDCs.
Meanwhile, Ripple Labs also partnered with Paydek, a money transfer company to boost its footprint in Latin America and Ripplenet.
Still, while Ripple Labs made some progress in September, the XRP price was not left behind in the cryptocurrency sell-off. This sell-off was mostly because of profit-taking and the rising risks in the market. These risks included the recent decision by China to ban all cryptocurrencies, the likelihood of a US government debt default, and higher interest rates.
In October, the biggest mover of the Ripple price will be progress on the ongoing lawsuit that was brought by the SEC. In a recent interview, Ripple Labs CEO said that the company will be open to settling with the SEC. The SEC has also sounded conciliatory with crypto developers. Therefore, there is a possibility that some progress will happen in October.
Ripple price prediction
The daily chart shows that the Ripple price formed a strong support at $0.5060 in July this year. Since then, the XRP jumped by about 175% and reached a high of $1.4565 in September. A closer look that shows that it has formed an inverted head and shoulders pattern. In price action analysis, this pattern is usually a bullish sign.
Therefore, there is a high probability that XRP will bounce back in October 2021. The first key level to watch will be the neckline of the pattern at $1.4565.
