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The XRP price may follow history if its price continues on its current bearish path. The digital currency’s price is pegged at $0.615 at the time of writing, down by 2.67% within 24 hours. The current outlook of XRP has stirred a slip in its price over the past week, where it is down by 2.7%.
Arman ShirinyanData from Cryptorank shows that if there is no drastic intervention in the XRP price outlook, the cryptocurrency may end December on a bearish note, marking the fifth consecutive time such an event will play out.
Historically, December has not been favorable to XRP, with the coin closing the month just three times over the past decade. Besides 2014 when it closed up 118.1%, 2015 when it recorded a 43.8% growth and 2017 when it ended up 818.9%, other Decembers have been marked by massive drawdowns.
This month was supposed to be an exception as XRP started on a very promising footing until bear action took over. Effectively, the digital currency gave away its gains, and is currently buckling under the pressure of the bears.
Drastic XRP turnaround needed
Despite the menacing 16.9% negative close of XRP in December 2022, the coin has what it takes to change the trend moving forward. At the moment, the Cryptorank data pegs its performance at 0.94%.
Tomiwabold OlajideCurrent metrics are down, including the trading volume being bearish, down 11% overnight to $1,469,837,927. As it stands, XRP has to devise further motivation to power its growth to buck the bearish trend and create a new historical path.
With the Ripple Labs v. SEC lawsuit almost at its tail end, XRP bulls may prove smart by capitalizing on current market sentiment surrounding its likely approval of a spot Bitcoin Exchange Traded Fund (ETF) products.
Alex Dovbnya
Vladislav Sopov
Dan Burgin