Following significant criticism from certain community members, XRP has now successfully printed its first significant mega price surge. As of this writing, XRP had increased by almost 7% over the course of a wild 24-hour period, reaching a high of $0.6988. Even while XRP’s rise is consistent with the overall market, the cryptocurrency has identified a few distinct triggers that are now improving its performance.
With a trading volume of $2,348,144,202 at this moment—up 52.35%—the cryptocurrency is clearly gaining traction on both the spot and futures markets. Given the present circumstances, XRP is taking a risk with this move that might be significant in the past for investors who have been following its upward trajectory.
Data from CryptoRank suggests that XRP might see its first positive December since 2019 if there is persistent upward momentum. XRP has only had four positive closes in the last ten years, and it has often ended the month on a negative note.
December 2018 had a 2.28% decline in XRP, followed by 16.8% in December 2019 and 66.5% in December 2020. In the two years that followed, 2021 and 2022, XRP fell by 17% and 16.9%, respectively.
Time for XRP to make a switch
Given the past odds against it, it’s likely that the current run will be essential to its success this time. According to the CryptoRank statistics, XRP has increased by as much as 14.4% since the beginning of the month; a possibly flat growth rate would have allowed it to achieve historical significance.
All things considered, a closing at $0.8 is a possibility, retesting its highest price point of the year.
However, due to the ongoing settlement between Ripple and the US Securities and Exchange Commission (SEC), certain obstacles for XRP may soon arise. Given that Ripple was found guilty of selling XRP to institutional investors, the precedent this sets may alter the possibility that these investment classes may massively embrace XRP in the future.
However, XRP continues to be a utility money, and this may provide the ideal foundation for its widespread acceptance in the future.
