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It is Christmas Eve, and on the cryptocurrency market, the prices of most of our beloved digital assets are turning holiday green. Currently, the third largest cryptocurrency, XRP, is no exception, as its price jumped over 5.1% from the day’s low to its recent high of $2.325.
The past few days have been tough not only for XRP but for the cryptocurrency market in general, as about $416 billion of its market cap, or 11.53% of the total, was wiped out in the past week alone in a prolonged series of declines.
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However, today’s trading session proved the bears wrong, as, first, Bitcoin (BTC) broke its downtrend, and then all alternative cryptocurrencies experienced a wave of price appreciation. Now that we have the pump, the question remains: will the renewed optimism last long enough for XRP to recover to at least pre-dump levels?
From one point of view, it is Christmas tomorrow, and traditionally, amid a festive mood, the cryptocurrency market sees a corresponding reaction.
On the other hand, we are at that time of the market when all traders and fund managers have to balance their books, close deals, report profits and losses, say goodbye and enjoy their year-end holidays.
Will XRP pump to yearly highs in 2024?
If in previous cycles this pattern – common on traditional financial markets – did not affect crypto much; this time, with the arrival of the likes of BlackRock, Fidelity and other traditional financial institutions, the same tendencies may apply to digital assets that trade without days off.
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XRP set its local high at $2.90, its all-time high is above $3.3 and right now, the token is trading at $2.30. It is still at least 26% to the recent high, which may be too much for the token to go in these two days. However, nothing is set in stone and may not occur right from the start, but XRP may end the year on a positive note.