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XRP Price Shoots 7% in First Major Bullish Run in Days, Where Is Price Heading?

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Sat, 9/12/2023 - 15:30
XRP Price Shoots 7% in First Major Bullish Run in Days, Where Is Price Heading?
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After facing serious backlash from some community members in recent times, XRP has finally printed its first major mega price rally. At the time of writing, XRP soared as high as $0.6988, up by more than 7% in an eclectic 24-hour timespan. Though the growth of XRP aligns with the broader market, the cryptocurrency has managed to define some unique triggers that are boosting its performance at this time.

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The cryptocurrency currently has a trading volume of $2,348,144,202, up 52.35%, underscoring how much momentum it has on spot and futures markets, respectively. With the current outlook, XRP is making a somewhat daring move that might historically be important for traders following its growth trend.

According to data from CryptoRank, a sustained bullish momentum might push XRP to its first positive December since 2019. XRP has historically closed the month on a negative note, printing just four positive closes in 10 years.

XRP dropped by 2.28% in December 2018, by 16.8% in December 2019 and by 66.5% in December 2020. The two subsequent years 2021 and 2022 also saw XRP slump by 17% and 16.9%, respectively.

Time for XRP to make a switch

With the historical odds against it, chances are the ongoing run will be pivotal in helping it make a change this time around. Since the start of the month, XRP has soared as high as 14.4%, per the CryptoRank data, and a potentially flat growth rate would have helped it make history.

In all, a potential close at $0.8 is likely, retesting its best price level for the year.

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Some bottlenecks, however, are on the horizon for XRP in connection to the outstanding settlement between Ripple and the United States Securities and Exchange Commission (SEC). With Ripple deemed guilty of selling XRP to institutional investors, the precedent set might change the likelihood of massive embrace by these classes of investors in the future.

Nonetheless, XRP is maintaining its status as a utility currency, and this can serve as the right basis for its deep embrace in the future.

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