XRP Defies September Weakness Odds with Bullish Chart Action and ETF Flows
XRP is showing resilience ahead of September, a month typically seen as bearish for the cryptocurrency market.
Data from U.Today suggests that XRP has finished September higher five times and lower three times since 2018, with an average return of 12.19%.
Crypto analyst Zaif Crypto notes that XRP is exhibiting an unusual pattern, ignoring seasonal weakness. The market is watching and waiting to see if XRP can repeat this performance, but the data suggests a different outcome.
The chart action also supports a bullish view. In late August, XRP, Stellar Lumens (XLM), and Bitcoin simultaneously formed the same type of move on weekly charts. All three assets rebounded from local lows and are trying to regain key price levels. Zaif Crypto interprets this as a 'synchronized pattern' that can appear when major capital is preparing for a strong upswing.
Additionally, spot XRP exchange-traded funds saw net weekly inflows of $110.49 million in late August, a record high. Goldman Sachs confirmed through a 13F filing that it holds more than $86 million in spot XRP ETF positions. Continued institutional inflows could support XRP in terms of short-term supply and demand.