Despite a rough month, XRP suggests that it can end the year with an all-time high yearly close, which is significant for the cryptocurrency. Following a record high at $2.9 on December 3, XRP plummeted by nearly 19% in value within three days. After that, the market put much pressure on the altcoin, although it showed signs of recovery.
Breaching the $2 mark may also indicate the historical resistance level observed from the early days of the bull run in 2017/2018. Although it had risen by 33,066% in 2017, XRP fell short of closing the year above $2; instead, it closed at $1.99.
Likewise, there was an 82.49% decline in 2018; hence, XRP lessens the gap with this elusive price point. The attempt to reclaim $2 persisted, as seen in April 2021, when XRP reached $1.96, though it did not hold on to the high.
Presently, XRP has remained above $2, which is a good sign as 2024 ends. Market analysts and investors are paying close attention to whether the cryptocurrency could maintain this level, resulting in a significant yearly closing for XRP. This occurrence could create a bullish run for the cryptocurrency in the future.
Crypto trader Steph recently pointed out the importance of a close above $2 with positive sentiments towards the market. "We're all gonna be super rich," he said on X, highlighting the high stakes and enthusiasm surrounding this possible outcome.
Despite constant sell-offs, XRP has struggled at $2.06, the lowest in the last 11 days. The altcoin is currently at the lower trendline of a bull flag on the daily chart, which is a crucial support that bears need to breach to ensure prices drop below $2. Such a scenario would endanger the possibility of a bullish yearly close.
Furthermore, despite December's volatility, XRP registered a 5.47% increase in value for the month, creating a green inverted hammer candlestick pattern. This pattern suggests that despite sellers attempting to reverse the situation, the gaining momentum was with the buyers, and the price at the close was above that at the opening, which is more evidence of buyers on the ascent. Therefore, the support at $2 by the end of December could mark the beginning of a reversal in the price, which will enhance a positive outlook for the new year.