- XRP Impresses with $0.65 Rebound as Index Suffers Losses
- Sharp Decline in Index
- Crypto Outlook for October
In September, the CoinDesk 20 index ended with a sharp decline. According to CoinDesk Indices, most indexes were under bearish sentiment.
XRP Impresses with $0.65 Rebound as Index Suffers Losses
Charts show that Ripple’s native token, XRP, reached a breakout rally, renewing investor confidence. XRP defied its recent bearish momentum to trade above $0.65, a 6% weekly gain at the end of the month. CoinDesk Indices data shows that XRP reclaimed a critical level, surging by 7.6% and boosting its trading volume above $2.24 billion. The explosive surge was later followed by a sharp decline from $0.64 to $0.63. On Tuesday morning, XRP dropped below $0.62, a 3% drop in a day. The dramatic twist was accompanied by a 23% drop in XRP trading volume, indicating increased selling pressure. Concurrently, UNI token staged a significant comeback, attaining a critical resistance level of $7.49, a 2.2% increase in the last 24 hours. CoinDesk Indices shows UNI maintained a 0.06% surge and a 77% increase in trading volume, reaching $178 million.
Sharp Decline in Index
The CoinDesk 20 token (CD20) exchanged hands at $2067.77, a 1.9% drop in a day. The token has maintained sluggish momentum over the weekend, shedding 40% of its value since Friday, September 27. The largest losers among the CoinDesk Indices were Internet Computer (ICP) and Filecoin (FIL), registering nearly a 6% drop in a day. The sharp decline of most assets demonstrated the unpredictable nature of crypto assets. Other assets, including Aptos (APT) and Polygon (MATIC), dipped by 5.5%, respectively. Despite the decline, leading cryptocurrencies like Bitcoin ended September in style, surging by 9%.
Crypto Outlook for October
According to CoinMarketCap, BTC breached the $64K resistance level, renewing investor optimism that October would be favorable for crypto. However, on Tuesday, it tumbled below $63,000 while trading volume surged by nearly 75%. Concurrently, Ethereum established an upward trajectory, up by 0.48% in a day. ETH has been hovering between $2630 to $2639 in the last 24 hours, signaling an imminent breakout rally. Its trading volume skyrocketed by 28% to reach $17 billion, fueled by investors’ bullish sentiments. Experts project that Bitcoin and Ethereum will enter a bullish period this month. Although BTC has witnessed two worst Octobers since 2013, analysts forecast Bitcoin to reach $70,000. They argue that the US election and changes in global monetary policies will ignite BTC’s bullish momentum. Analysts remain optimistic that BTC bulls will be active this month.
In an X post, Augustine Fan, the head of insight at SOFA, expressed optimism about crypto prices in Q4. The analyst argued that the high crypto correlation against macro assets such as SPX demonstrated that the macro environment would favor crypto prices in the remaining months.
