Avalanche and XRP Pull Back as Market Seeks Next Catalyst
XRP and Avalanche surged in September, with XRP rising 22% to $1.58 and Avalanche jumping 50% to $11.24. However, both cryptocurrencies are now pulling back slightly, with XRP trading at $1.50 and AVAX at $10.32.
Avalanche's recent rally is fueled by tokenization deals from Aave and New York Life, as well as the Helicon upgrade which reduced staking time from 14 days to 48 hours.
XRP's gains, on the other hand, were largely due to a short squeeze, with exchanges liquidating $300 million worth of short positions in just one hour. XRP is heading into October with two important events: the Batch upgrade on September 29 and the release of up to 1 billion XRP from escrow on October 1.
Despite this, experts believe that XRP has a better chance of holding onto its recent gains due to its smaller rally and established key price level. However, an unconfirmed ICE decision could change the game for Avalanche if it chooses AVAX for tokenized trading before October 31.