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ETH, XRP, and SOL: Analyzing Their September and October Performance

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Giuseppe Ciccomascolo
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Key Takeaways
  • Ethereum’s price experienced significant fluctuations in its early years, driven by speculative trading and market sentiment.
  • Solana’s price experienced rapid growth in 2021, fueled by its reputation as a fast and scalable alternative to Ethereum.
  • XRP’s price has been significantly influenced by regulatory developments, particularly the ongoing lawsuit with the SEC.

The cryptocurrency market has fluctuated substantially over the past decade, especially for Ethereum (ETH), Solana (SOL), and XRP. These digital assets have been shaped by various factors, including technological advancements, market sentiment, and regulatory changes.

September and October are particularly notable months for cryptocurrencies, including ETH, SOL, and XRP. September, often dubbed “Redtember” by the crypto community, is frequently marked by downturns. Conversely, October is known as “Greentober” for its tendency to bring price rebounds, making these months crucial for understanding market trends.

ETH Trend From Early Volatility To Stability

Ethereum’s price has seen notable fluctuations over the last ten months of September, driven by internal developments  and broader market conditions.

In September 2015, Ethereum was in its infancy, having launched only two months earlier, with its price staying low, around $0.60 to $1.50, as it was still largely speculative. By September 2016, Ethereum was recovering from the DAO hack and subsequent hard fork, trading between $11 and $15. Although investor confidence had started to build, the market remained cautious.

September 2017 marked a significant period of growth for Ethereum, with prices stabilizing between $280 and $300. This surge was due to the ICO boom, where many new projects were launched on the Ethereum network. However, concerns around regulation and China’s ban on cryptocurrency temporarily cooled the market.

Ethereum (ETH) price performance over the last 10 Septembers
Ethereum (ETH) price performance over the last 10 Septembers. l Credit: Giuseppe Fabio Ciccomascolo/Gemini

By September 2018, Ethereum had entered a bear market, with prices falling to between $200 and $230 after the collapse of many ICOs, which had begun to weigh heavily on the broader cryptocurrency market.

The following year, in September 2019, Ethereum’s price hovered between $160 and $220 as the market began to stabilize. Early signs of decentralized finance (DeFi) started to emerge, laying the groundwork for future growth.

In September 2020, Ethereum experienced renewed upward momentum, with prices ranging from $320 to $400. This growth was largely fueled by the DeFi boom, which created new demand for ETH, although high gas fees caused some strain on the network.

ETH From London Hard Fork to Our Days

September 2021 was another major high point for Ethereum, with prices reaching between $3,200 and $3,600. The rise of non-fungible tokens (NFTs) and the continued expansion of DeFi contributed to this surge, while the London Hard Fork, which introduced EIP-1559 and made ETH partially deflationary, further boosted investor confidence.

In September 2022, Ethereum’s price had dropped to between $1,300 and $1,700, with the market facing broader economic pressures. However, this month was historically significant due to the Ethereum Merge on September 15, transitioning the network from Proof-of-Work to Proof-of-Stake, a crucial milestone despite the bearish sentiment in the market.

ETH price movement from London Hard Fork
ETH price movement from London Hard Fork. l Credit: CoinMarketCap

By September 2023, Ethereum’s price remained relatively stable, trading between $1,500 and $1,700. The overall market remained subdued, driven by macroeconomic factors like inflation and rising interest rates, which weighed heavily on risk assets, including cryptocurrencies.

Ethereum’s price performance over these years reflects both the boom-and-bust cycles of the broader crypto market and Ethereum’s own evolution. Major technological upgrades and surges in innovation, like the rise of DeFi and NFTs, have driven price increases, while regulatory concerns and macroeconomic pressures have often brought downturns.

SOL Market Corrections Follow Explosive Growth

Solana’s price performance in recent Septembers has seen rapid growth followed by significant corrections, driven by both its internal blockchain developments and broader market conditions.

In September 2020, Solana was still in its early stages, trading between $2 and $3. As a relatively new project, it was just beginning to gain attention, with investor interest still moderate. The broader cryptocurrency market was expanding, largely due to the rise of DeFi, but Solana had yet to become a prominent player.

By September 2021, Solana’s price had skyrocketed to between $120 and $170, fueled by the project’s growing reputation as a fast, scalable alternative to Ethereum. The rise of NFTs and DeFi on the Solana network drew significant interest from both retail and institutional investors.

This period marked the peak of Solana’s explosive growth, as developers and users flocked to the blockchain for its low fees and high transaction speeds. The NFT boom, highlighted by projects like Solana Monkey Business, further cemented its role as a major competitor in the space.

SOL price performance over the last 10 Septembers
Solana (SOL) price performance over the last 10 September months. l Credit: Giuseppe Fabio Ciccomascolo/Gemini

SOL’s 2022 Downturn

However, September 2022 saw a sharp decline in Solana’s price, falling to between $30 and $38. This drop was part of a larger market downturn affecting all cryptocurrencies, driven by macroeconomic factors such as rising inflation, higher interest rates, and a general risk-off sentiment in financial markets.

Although Solana’s ecosystem continued to grow with new decentralized applications and NFT projects, the overall market conditions kept prices down. Additionally, Solana faced technical issues, including network outages, which raised concerns about the platform’s reliability, adding further pressure on its price.

By September 2023, Solana’s price had dropped further, trading between $18 and $22. The broader cryptocurrency market remained under pressure, weighed down by continued economic uncertainty and regulatory concerns.

Although Solana’s ecosystem was still active, with developers working on network improvements to address past reliability issues, investor sentiment was cautious. Solana’s focus had shifted toward enhancing its infrastructure and scaling capabilities to support future growth, with ongoing developments in its NFT and DeFi sectors.

Solana’s journey over these Septembers reflects a pattern of rapid expansion followed by technical and market challenges. Despite its price corrections in recent years, the blockchain’s continued development and growing ecosystem suggest that it remains a key player in the crypto space, with potential for long-term recovery and growth.

XRP’s September Price Evolution

XRP’s price performance over the last ten Septembers shows a blend of regulatory challenges, market cycles, and growing adoption. In 2014 and 2015, XRP was largely unknown, trading at fractions of a cent with minimal movement. At that time, Ripple’s technology was still emerging.

By September 2016, XRP’s price remained low, but Ripple’s expanding partnerships with financial institutions started to generate interest. It wasn’t until the 2017 cryptocurrency bull run that XRP experienced a breakthrough, with its price rising to around $0.25. This surge reflected Ripple’s growing reputation for providing fast and cost-effective cross-border payment solutions.

XRP (XRP) price performance over the last 10 Septembers
XRP price performance over the last 10 September months. l Credit: Giuseppe Fabio Ciccomascolo/Gemini

In September 2018, after reaching an all-time high in early January, XRP’s price had fallen sharply during the crypto bear market but managed a slight recovery, climbing from $0.25 to $0.58. Despite the volatility, Ripple’s technology continued to gain adoption among banks and financial institutions.

However, by September 2019, XRP was trading between $0.24 and $0.30. Investor enthusiasm cooled and the market continued to feel the effects of the 2018 crypto winter.

In September 2020, despite a broader market rally, XRP’s price remained relatively flat. It traded around $0.22 to $0.25, overshadowed by the rise of decentralized finance (DeFi) and newer blockchain projects. Ripple, however, continued to push forward with its solutions for the banking sector, although this didn’t lead to immediate price growth.

Impact of Legal Battle With the SEC

The year 2021 brought renewed optimism for XRP. By September, the price had recovered to around $1.00, supported by a broader market rally. However, XRP’s price was weighed down by the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), which had begun in late 2020. Despite the regulatory uncertainty, XRP held relatively strong as investors hoped for a positive outcome in the case.

In September 2022, XRP experienced another drop, trading between $0.32 and $0.50, as the bearish macroeconomic environment and regulatory challenges continued to suppress prices. Nevertheless, optimism around a potential resolution to Ripple’s legal issues led to a late-month rally, giving hope to investors.

XRP price movement since the legal battle with the SEC started
XRP price movement since the legal battle with the SEC started. l Credit: Giuseppe Fabio Ciccomascolo/Gemini

By September 2023, XRP’s price had stabilized between $0.45 and $0.55. The legal situation with the SEC had started to lean more favorably toward Ripple following partial legal victories earlier in the year. This, combined with the broader crypto market’s slow recovery, helped XRP maintain a more stable price despite economic uncertainties.

Over the past decade, XRP’s price has been heavily influenced by regulatory developments, particularly its ongoing lawsuit with the SEC. Market cycles also played a key role, with XRP aligning with bullish trends in 2017 and 2021 and bearish corrections in 2018 and 2022.

Despite this volatility, Ripple’s growing partnerships and adoption in the financial sector have maintained XRP’s relevance. In recent years, XRP’s price has stabilized, remaining within a narrower range as the market anticipates further regulatory clarity and the resolution of Ripple’s legal issues.

How Did ETH, SOL, and XRP Perform in October?

Over the last decade, ETH, SOL, and XRP have shown distinct price trends in October. ETH started at around $0.60 in October 2014 and experienced significant growth, reaching about $3,600 in October 2021 due to the DeFi and NFT booms.

However, by October 2022, ETH had fallen to $1,300-$1,600, influenced by the Ethereum Merge and broader market conditions. By October 2023, ETH’s price stabilized around $1,600-$1,800.

ETH, SOL and XRP price performances during the last 10 Octobers
ETH, SOL, and XRP price performances during the last 10 October months. l Credit: Giuseppe Fabio Ciccomascolo/Gemini

SOL saw its price rise dramatically to $150-$200 by October 2021, driven by its growing role in DeFi and NFTs. However, it dropped to $30-$40 in October 2022. It then further declined to $20-$25 by October 2023, facing market corrections and technical issues.

XRP started at $0.004 in October 2014 and saw notable growth to $0.30 by October 2017. After a peak in early 2018, XRP’s price faced fluctuations, ranging from $0.25-$0.30 in October 2019 to $0.90-$1.10 in October 2021. By October 2022, it was between $0.35-$0.50, and by October 2023, it stabilized around $0.45-$0.55, influenced by ongoing regulatory challenges.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
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