Historical data provides a bullish outlook for this month, with the altcoin likely to record significant gains based on past performance. Specifically, the average monthly returns show that XRP could even record double-digit gains. 

Average Monthly Returns Point To Notable Gains For The XRP Price

shows that the XRP price has historically recorded an average monthly return of 13.8% in September. This suggests that the altcoin could again record positive returns this time around, especially as it looks to reclaim the . Meanwhile, it is worth mentioning that the altcoin has closed the last three Septembers in the green.

In September 2022, the XRP price recorded a gain of 46.2%, its largest over the past 4 years. It also saw an increase of almost 8% in September 2023. The altcoin has so far recorded a gain of nearly 3% this month and looks on course to replicate its in September. 

Notably, there are bullish fundamentals that could spark a run for the XRP price. This includes the projected 25 basis points (bps) rate cut that the Fed is expected to make at the . There is currently a 99.7% chance that the Fed will make this cut, according to . 

A Fed rate cut is bullish for altcoins, including XRP, as it could lead to increased risk-on sentiment among investors and cause more liquidity to flow into these assets. Meanwhile, the are expected to receive the SEC’s nod in October, and given the market’s forward-looking nature, the XRP price could rally in anticipation of this occurrence next month. The ETFs are expected to attract new capital into the altcoin’s ecosystem. 

XRP Eyes Rally To $3.40

In an , crypto analyst Egrag Crypto predicted that the XRP price could rally to around $3.40. He noted that with the altcoin currently trading at around $2.877, all eyes are on how it will perform around this level. If , the analyst stated that it could increase the chance of breaching the $3.40 mark. 

Interestingly, the analyst suggested that the XRP price could rally by over 200% and reach $6.12 if it successfully breaches the $3.40 mark. His accompanying chart showed that XRP could claim this month. Meanwhile, in another , Egrag Crypto said that the range of $3.077 to $3.13 is a key area, as a strong close above it with high volume could pave the way for the next move. 

At the time of writing, the XRP price is trading at around $2.85, up in the last 24 hours, according to from CoinMarketCap.