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XRP is on a path to breaking a major historical record despite the seemingly visible slow growth many believe it has inked in the past few weeks. Unlike its peers, XRP has only managed to grow by 5.05% in 24 hours to $0.58. Amid this mild uptick, the coin has not surpassed the $0.6 price point, a level considered a pivotal point for it to chart new growth trends.
XRP history set to be broken
Throughout its history, the month of February has mostly ended up in losses for XRP. In fact, data from Cryptorank shows that over the past 10 years, XRP has only positively closed February just three times.
Gamza KhanzadaevThese include the 23.8% close in 2016, 1.13% in 2019 and 26.3% in 2022. With more months ending in losses, the average growth of XRP for February is in the negative, dropping as low as a 3.29% slump. The median growth rate is also down by 7.23%.
Per XRP’s current outlook, it might break the average and possibly the median growth rates if it can validate the 9% growth it has recorded in the month-to-date (MTD) period. Despite relatively slow growth, XRP bulls and retail holders may help the coin break the dormancy in its outlook month-on-month if the current momentum is sustained.
XRP and ecosystem hype
Though there is
limited or negative sentiment surrounding XRP drawing on the yet-to-be-resolved lawsuit between Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC), XRP needs to lean on the broader ecosystem hype to achieve its short-term goals.
Alex DovbnyaWith Bitcoin's (BTC) price crossing the $58,000 benchmark amid a sustained bullish ride, the XRP correlation spells a positive omen for the cryptocurrency. This correlation might help the digital currency break the $0.6 barrier in the short term and possibly drive the price to a new pedestal.
Alex Dovbnya
Dan Burgin