Up 80%: XRP's September Wasn't Just Bullish, It Was Record-Setting

XRP sprang back to life in September despite a relatively bearish broader market.

XRP, whose performance in September wasn't just bullish, it was record-setting.

On September 21 alone, the price of XRP shot up more than 75 percent and ended the day with its most trading volume ever recorded on the popular cryptocurrency exchange, Bitfinex.

Further, the explosive move allowed XRP to overtake ETH as the world's second largest cryptocurrency by market capitalization, a feat it last accomplished in December of 2017.

The price run-up in XRP was likely catalyzed by anticipation of Ripple's upcoming Swell conference scheduled to set off on Oct. 1.

Still, XRP concluded September boasting a near 80 percent month-over-month price increase to cement it as the best monthly performer out of the world's 25 largest cryptocurrencies by market capitalization.

On September 18th, price broke bullish out of a large falling wedge pattern, hinting a bullish reversal was soon to be likely.

The falling wedge breakout, acceptance above the 200-day EMA, pennant formation and green Guppy, all favor a rally in XRP back toward its recent high of $0.77 on Poloniex.

The technical bias would remain bullish as long as XRP is trading above its daily higher low of $0.43.

XRP logo image via Shutterstock; Charts via TradingView.