The XRP price completed that day’s candle close to the $0.82 per token region after exhibiting a 73.1% momentum increase over a week earlier. From there, it proceeded deeper towards distribution for some and accumulation for others. The historical importance of this price point, at which the XRP price stopped increasing in the autumn of 2018, makes it particularly intriguing.
The crypto market faced difficulties in 2018, which was characterised by a negative cycle. The most popular cryptocurrency, Bitcoin, hit an all-time high of $20,000 at the start of the year before falling to the $6,500 range by September.
In a similar vein, nearly 90% of XRP’s peak value was lost over that time. Then, in September 2018, there was a pump worth 180%, which resulted in triple-digit rise for the price of XRP and 8% growth for the price of Bitcoin.
There are many parallels between then, in the autumn of 2018, and today, almost five years later, that are difficult to miss. In light of this, we may look into the price of XRP’s past movements and speculate as to what will happen in 2023.
Historical parallels
Back then, following that massive increase, the price of XRP entered a correction and dropped by 23% over the next four days. Then there was another growth spurt that lasted from the end of September through the first day of October. The XRP price increased by more than 40% and approached the closing values of the daily candles of that pump despite the fact that it was less frenetic. But that was it, and despite this rebound, the upward trend for XRP eventually ended and it began to fall.
It is important to remember that the past does not guarantee a similar result, and the present market climate can be very different from that in the past. Unique elements that characterise the crypto ecosystem in 2023 might have an effect on XRP’s trajectory. Even though historical performance may not predict the future with absolute surety, it may unquestionably provide insightful advice in volatile market situations.
