XRP has been under a cold spell in December for years, with red charts and cold winds every year. Some buyers are still scared about the market because they remember the 66% drop in 2021. The sounds of 2018, a year with an amazing 800% rise, sound like a faraway Christmas carol.
They remind the XRP community of a time when XRP believed in the magic of year-end wonders. Even though December charts used to be full of holiday cheer, XRP was stuck by the shadow of past trends, hoping that its luck would improve by the end of the year.
Will This Month Be Different For XRP?
While it's cold outside in December 2023, there are hints of hope for change in the air. The big question is whether this month will be different, and whether XRP can finally break free from the Scrooge-like grip that has been limiting its year-end results.
CryptoRank's data, which is often like a Grinch to XRP's holiday mood, still shows a sad picture of past December coming back. There is a cemetery of red bars across the chart (below).
Source: CryptoRank
Each one shows a year of loses at the end of the year. In the middle of this cold landscape, though, sits a defiant evergreen: 2017. Its shimmering 818% gains serve as a reminder of XRP's hidden potential.
The averages for XRP in December on the crypto market show two parts of the story. A 75% average return shines like a holiday ornament, a memory of times when the market was rising around this time of the year.
A (minus) 4% median, on the other hand, forms a shadow, a lump of coal that shows how volatile XRP's December performances have often been. Still, this December feels different. There's a soft hint of change in the air, like a mistletoe of promise.
XRP market cap currently at $34 billion. Chart: TradingView.com
When you look at XRP's past of chilly Decembers, even a small 2% rise that might not seem important in other situations feels like a big deal. Even though the wins in December might not last, the bigger picture shines with newfound warmth.
With a respectable 20.4% quarterly gain, the fourth quarter of 2023 has been very good. It was the second-best quarter of the year and the first positive Q4 since 2017.
But the rumors about December are more than just changes in prices. Technical indicators are pointing to a possible bull run, which would be very different from the normal drop at the end of the year. There will be some hard times ahead for XRP.
XRP price action in the last year. Source: CoinMarketCap
Hope Lingers For XRP
Three important barrier levels—$0.63, $0.66, and $0.70—will stand in the way of its possible upward trend. For XRP to break free from its past limits, it needs to take over these points that were once battlegrounds between bulls and bears.
Even though the road is steep, it's not impossible. It's still not clear what will cause such a change, but the technical signs and resistance seen this month are a sign of hope. If XRP can break through these levels of resistance, it could be on track for a big rise, possibly hitting the all-time high of $1 before the current year ends.
This is more than just a story of numbers and charts; it's a story of strength, going against the grain, and a glimmer of hope in the cold grip of December. In this story, XRP, which was dormant at one point, wakes up full of promise.
The rumors from December make one thing clear: the winter blues might be melting away and a better future could be on the horizon. Only time will tell if 2024 is the spring of a new XRP.
Featured image from Freepik
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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