Ripple (XRP) Outperforming in October: What’s the Buzz?

Ripple

While the crypto rally went on during the first half of the year, XRP, the cryptocurrency that is often referred to as Ripple, performed much worse than the rest of the market.

Key Drivers

However, it seems that those days are now over, and it has now emerged that the best performer in the crypto space in October so far has been XRP. It is a remarkable turnaround for a cryptocurrency that seemed to be at a crossroads for much of the year. In fact, Ripple, the company that owns the highest number of XRP tokens, had been criticized by analysts and XRP holders for selling too many tokens.

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However, it seems that XRP has slowly but surely made a comeback while the rest of the market seems to be in the doldrums. It’s important to keep in mind that such a poor performance during the first half of the year from the world’s third-biggest cryptocurrency by market cap had been a big disappointment for many. October has been a month in which some of the other big names of the crypto world like Litecoin, Bitcoin, Bitcoin Cash, and Ethereum, among others, had been in trouble. That proved to be a big boost for XRP as it surged ahead and eased the pressure on Ripple as well.

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In September, many of the biggest cryptocurrencies in the world experienced a bloodbath of sorts, and this continued into October. However, XRP charted a different path altogether and managed to be the sole crypto token in the market that has managed to display sustained momentum amidst all the chaos. Some reports suggest that the rise in XRP is primarily due to the fact that Ripple is now working extensively with some of the biggest financial institutions in the world in order to expand the use of the cryptocurrency. If more deals are announced, then the price of XRP could rise further.

What do you think?

Featured image: DepositPhotos © BiancoBlue

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