Historical XRP Price Pattern Is About To Repeat. Here’s the Significance

According to Cryptorank, a renowned crypto tracking and news platform, if nothing drastic happens to forestall prevailing conditions in XRP’s price outlook, the token should be poised to finish the year poorly for the fifth consecutive time.

At the time of writing, XRP is priced at approximately $0.63. It is down by 0.5% and 3.9% in the past seven days and last 30 days, respectively.

How XRP Concluded Previous Years

Every December in the last ten years has continually been a nightmare for XRP. The fifth largest crypto asset has only shut three out of ten different past years on impressive notes.

Apart from 2014, 2015, and 2017, when XRP rounded up December with remarkable increments of 118.1%, 43.8%, and 818.9%, respectively, other years have always ended poorly.

Source: Cryptorank

Notably, this month began on an impressive note for XRP. The typical belief was for XRP to keep soaring and close the year on a highly spirited note. However, the reverse was the case as the bears made XRP lose virtually all accumulated gains.

What Could Trigger a Turnaround For XRP?

While the year is almost elapsing with a few days left, XRP still boasts some potential to trigger a remarkable price surge.

The conclusion of the United States Securities and Exchange Commission (SEC) vs Ripple lawsuit remains one of the top identified triggers for XRP price movement, especially for 2024.

Interestingly, all indications seem to point to an optimistic outing for Ripple. How soon the above plays out in Ripple’s favor would undoubtedly boost XRP’s price outlook.

Meanwhile, speculations on the SEC’s potential approval of Spot Bitcoin ETF (Exchange Traded Funds) appear to grow stronger.

Should the approval play out soon, coupled with the anticipated Bitcoin halving event estimated to happen in April 2024, XRP might see a significant price uptrend.

However, the factors mentioned above may have no effect on the XRP trajectory for the remaining days of this year. Only a market-wide rally could push a miracle for XRP within the remaining days.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.