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XRP is currently experiencing a major bull-bear showdown as the effort to end the year on a positive note takes on interest. At the time of writing, XRP was trading at $0.6324, down by 1.95% in the past 24 hours. Despite this major slump, XRP bulls are not giving up on a chance to make history by printing the first December growth in six years.
Historically, December is not a friendly month for XRP seeing it has only recorded a total of three uptrends in the past 10 years. Starting in 2013, XRP closed December with a 30.2% slump, while the next year saw a mega jump of 118.1%.
The following year also recorded a positive December close of 43.8%, and December 2016 came with a correction with a 4.07% slump. December 2017 welcomed the biggest XRP monthly growth to date with a massive 818.9% jump. The subsequent years of 2018, 2019, 2020, 2021 and 2022 saw major sell-offs.
Drawing on its history, XRP bulls are likely to hang on tight to the 4.05% gained thus far this month to break the bearish trend in the coin’s history. With heightened volatility currently underway, a positive close to the year will be deemed a record-breaking milestone that can push XRP's 2024 off to a great start.
XRP price outlook: Removing key bottlenecks
The price outlook of XRP might change in the coming year as new catalysts emerge with the capability to boost price growth. While the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. still have scores to settle per the institutional part of the ruling from Judge Analisa Torres, XRP has other key fundamentals that can ultimately fuel its growth in the long term.
With current advances in the XRP Ledger and the growing utility of digital currency in payments, the ultimate $1 price target may eventually be attained in 2024.
Alex Dovbnya
Gamza Khanzadaev
Denys Serhiichuk
