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For the first time in more than a week, XRP bulls are partially in charge of the market as the price entered the positive territory today. At the time of writing, data from CoinMarketCap shows XRP is changing hands for $0.5469, up marginally by 0.11% in the past 24 hours. The coin’s metrics are also gradually turning green with the trading volume up by 3.1% to $1,172,597,235.
Gamza KhanzadaevBefore now, XRP has been underperforming in contrast to its peers. In the year-to-date (YTD) period, the digital currency has fallen as much as 12.2% as compared to Ethereum (ETH), which has managed to soar by more than 7% in that same time despite being more capitalized than XRP.
XRP’s fate now hangs in the balance, and the catalyst for growth lies in its historical trends. Per data from CryptoRank, the digital currency has maintained a track record of two intermittent positive January closes and one close sandwiched in between since 2020.
Can XRP remake this pattern?
In 2020, XRP ended January at a 26% surge, a price gain that went parabolic in January 2021 to 122.1%. The trend was bucked in 2022 when the price fell by 25.6% but later recovered in January 2023 when it recorded a 20.1% gain. Should this trend be followed, the current 11% downfall might switch soon to make a likely monthly surge close to 20%.
Godfrey BenjaminIn the meantime, the known XRP triggers are still being deployed to help buoy the overall performance of the asset. There is a growing use case surrounding XRP Ledger with new protocols like Xahau and Evernode coming into the limelight.
Additionally, with the regulatory clarity around XRP, as it involves the legal settlement between Ripple Labs and the U.S. SEC set to be finalized this year, the basis for more upsurges is high for the cryptocurrency.
Tomiwabold Olajide
Alex Dovbnya
Dan Burgin
Vladislav Sopov