- XRP attains new levels as most indexes on the Coindesk 20 Index suffer losses.
In a month full of intriguing shifts, the index has ended the historic September with a sharp decline. According to CoinDesk Indices, most indexes were riding on a wave of bearish sentiment.
The CoinDesk 20 Index represents charts that monitor the price performance of the biggest gainers and losers in the crypto market. The charts are grouped into two groups: the laggards and leaders, which demonstrate the price action of 20 crypto assets.
XRP Impresses with $0.65 Rebound as Index Losses
The charts show that Ripple’s native token, XRP, attained a breakout rally, renewing the investors’ 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.
Source: CoinDesk 20 Index
The dramatic twist was accompanied by a 23% drop in XRP trading volume, which is clear evidence of increased selling pressure.
Consecutively, the twenty-second largest crypto by market cap, UNI, staged a significant comeback to attain 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. UNI’s upward solid momentum propelled the trading volume to $178 million.
The token seems to sustain the bullish momentum, marking a two-day peak. The charts show that UNI and XRP registered gains while the remaining tokens traded in losses.
Index Witness Sharp Decline
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 on the CoinDesk Indices were Internet Computer (ICP) and Filecoin (FIL), registering a nearly 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. With the laggards shedding their values, crypto giants Bitcoin ended September in style, surging by 9%.
Source: CoinDesk 20 Index
According to CoinMarketCap, BTC breached the $64K resistance level, renewing the investor’s optimism that October will be a favourable month for crypto.
It later tumbled below $63,000 on Tuesday while the trading volume surged by nearly 75%. Concurrently, Ethereum established an upward trajectory, up by 0.48% in a day.
ETH has been hovering at $2630 to $2639 in the last 24 hours, signalling 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.
Even though BTC has witnessed two worst October since 2013, analysts forecast Bitcoin to reach $70,000. They argued that the US election and changes in global monetary policies will ignite BTC’s bullish steam. Analysts remain optimistic that the BTC bulls will be active this month.
Will October be the Best Month for Crypto?
In an X post, Augustine Fan, the head of insight at SOFA, expressed his 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 favour crypto prices in the remaining months.
With analysts projecting most crypto to attain the highest trading in Q4, TurkishNY Radio will keep you up-to-date with trending updates on whether the prediction will materialize or turn the opposite. For more information, follow us on Tumblr, Telegram and LinkedIn.
