The fifth-largest cryptocurrency, XRP, just concluded at slightly over $0.6 cents per token, marking its eleventh consecutive month of positive growth.
November was a volatile month; by the conclusion of the month, XRP had fallen below $0.75 per token after temporarily rising to that level. The cryptocurrency’s significant price swings, notwithstanding volatility, indicated increased demand and drove daily transactions to around $1 billion.
Market aficionados are excited to watch if XRP may break beyond the coveted $1 threshold as December progresses. Even if it’s still risky to forecast the direction of the cryptocurrency industry, looking back at XRP’s December performance provides insightful information. According to CryptoRank, XRP had an average score of 75.2% in December, indicating a possible 30-day spike to $1.
However, this optimistic estimate is dependent on previous anomalies, including XRP’s exceptional performance in 2014, 2015, and 2017, during which it saw growth rates as high as 818.9% at year’s end. Analysts stress that such extraordinary profits are improbable in the present market environment and advise against making direct comparisons.
Only three times in the last ten years did XRP end December on a positive note; the other five years saw declines ranging from -2.25% to -66.5%. December’s median XRP price result is -4.07%, which offers a more cautious forecast for the coming month.
Although forecasts in the erratic cryptocurrency market are always dangerous, it is impossible to overlook the alluring possibility that XRP may cross $1 in December.
The scenario is set, with XRP already making a run at the desired $1 level in 2023. Only time will tell if the coin can live up to the high expectations and spark a year-end rally.
