The Ripple price had a relatively boring October. While Bitcoin, Ethereum, and meme coins like Shiba Inu and Dogelon Mars soared, XRP went nowhere. The XRP price rose to a high of $1.2285 and then crashed by more than 22% to $0.9470. It is now trading at $1.1057, bringing its total market cap to more than $51 billion.
Ripple ecosystem growth
Ripple is a blockchain platform that focuses on money transfer. The developers work with financial companies like Santander, Azimo, TranferGo, and Ria Money Transfer among others.
The core of Ripple’s technology is known as RippleNet, which uses On-Demand Liquidity (ODL) to facilitate payments. It connects hundreds of global financial institutions using a single API.
This process then makes it relatively easy for the firms to move money faster. XRP is the native token for moving money in the ecosystem.
The ODL ecosystem has been expanding rapidly even as Ripple continues facing significant challenges. In a recent report, Ripple said that OLD customers can access more than 20 countries. Transactions rose by more than 130% in the third quarter.
This growth was helped by its international division since its American operations have been paused. The company expects that its transaction growth in the fourth quarter will be better than expected.
The growth will mostly be because of the recent partnerships that the company has announced. For example, it partnered with SBI Holdings in the third quarter. This partnership brought Ripple to Japan. Most recently, it expanded to the Middle East by partnering with Pyypl, a leading company in the region.
It also partnered with Al Ansari Exchange, a Malaysian company and Bhutan’s central bank. Also, it joined the Digital Pound Foundation.
In November, the Ripple price key catalyst will be the progress of the ongoing lawsuit between the SEC and Ripple.
Ripple price prediction
The daily chart shows that the XRP price has moved sideways in the past few weeks. The coin has remained between the 50% and 38.2% Fibonacci retracement level. The price is also oscillating along the 25-day and 50-day moving averages while the Average True Range (ATR) has fallen. The ATR indicator is a key measure of volatility.
A closer look at the Ripple price shows that it has formed a symmetrical triangle pattern that is shown in black. Therefore, the coin will likely have a breakout in either direction in November. In my view, there is a likelihood that it will break out in the higher side.
