There’s a big bull-bear battle going on right now in XRP as enthusiasm in closing the year strong is growing. As of this writing, XRP was down 1.95% over the previous day to trade at $0.6324. Bulls in XRP aren’t giving up on the possibility to create history by printing the first December gain in six years, even in the face of this significant decline.
December has never been a good month for XRP historically, since there have only been three uptrends in the last ten years. When XRP started in 2013, it ended December with a 30.2% decline; nevertheless, the following year, it witnessed a massive 118.1% increase.
December closes were positive 43.8% in the subsequent year as well, while December 2016 had a correction with a 4.07% decline. The largest monthly increase in XRP to date occurred in December 2017, with a whopping 818.9% increase. There were significant sell-offs in the next years of 2018, 2019, 2020, 2021, and 2022.
Based on the coin’s past performance, bulls of XRP are probably going to cling on to the 4.05% gain made so far this month in an attempt to buck the negative trend. Given the present period of increased volatility, a successful year-end will be considered a record-breaking achievement that might give XRP a strong start to 2024.
XRP price outlook: Removing key bottlenecks
With the emergence of fresh triggers that have the potential to accelerate price increase, the price prognosis for XRP may alter in the upcoming year. XRP has other important factors that might eventually fuel its development in the long run, even though the US Securities and Exchange Commission (SEC) and Ripple Labs Inc. still have issues to resolve on the institutional portion of Judge Analisa Torres’ order.
The ultimate $1 price objective may be reached in 2024 with the current developments in the XRP Ledger and the increasing use of digital currency in payments.
