Historical data has revealed that February might test XRP holders’ patience and faith in the struggling crypto prospect.
Throughout January, XRP’s price movements have been abysmal, with a series of back-and-forth trends, culminating in declines across several market variables.
January roughly remains a week to conclude, and XRP enthusiasts would undoubtedly hope for a better run in February. However, as earlier stated, the journey could get more tricky for the embattled crypto.
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XRP’s Potential Price Movement For February
According to XRP’s historical price trend on CryptoRank, a renowned crypto assets price analysis platform, January 2024 appears poised to conclude with a loss for XRP. Based on historical trends, the loss will manifest in double-digits, replicating the return on investments (ROI) for every January since 2014 at -12.4%.
February price trends on CryptoRank’s price chart revealed that XRP has, in the last decade, concluded the month in losses.
According to the price chart, the average profitability for XRP in Februaries stands at -5.15%, with the fair median value pegged at -8.12%.
Nonetheless, while there seems to be a stronger indication for XRP’s potential bearish run in Februaries, a few had concluded the month positively. In 2022 and 2016, XRP concluded February remarkably, recording 26.3% and 23.8% increments, respectively. Also, in 2019, XRP registered a miniature increment of 1.13%.
In light of the above, it is safe to say that there is no guarantee whatsoever that next month will be a turbulent one for XRP. It is left to see how events unfold. However, this insight aims to educate XRP holders to brace up for what could be the eventuality.
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Read Also: Following This Prediction, Wall Street Veteran Anticipates XRP Price Reaction After Ripple Swell
Other Projections for XRP Price
While the findings on the CryotoRank platform seem to indicate a bearish imminent storm for XRP, some crypto experts think otherwise, as they have constantly remained bullish on XRP.
Among crypto analysts who have always remained bullish on XRP’s future despite the turbulence is Egrag Crypto. According to one of his latest price projections, he described how XRP would climb up to the $5 price level in March 2024.
Meanwhile, another renowned crypto market observer, Ali Martinez, also described the significance of the $0.55 resistance level, noting what would happen if XRP breaks above or below the resistance. Martinez stated that breaking below the $0.55 resistance would see XRP decline further to the $0.34 price region.
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