XRP is on the verge of making history if the price continues on its current bullish path.
XRP Historical Price Action in January
For the past eleven years, XRP’s price in January has shown more declines than uptrends. In 2017, 2018, and 2019, its price dropped 2.3%, 49.4%, and 12.4% respectively. The coin rebounded in January 2020 with a 26% increase. This current January saw a significant rise, up 58%, surpassing December’s gain of 6.94%. This January is the best for the digital asset since 2021. After closing that year, XRP ended January 2022 down 25.6%, but resurged in January 2023 with a 20.1% increase. January 2024 saw an 18.3% decline. Recent market trends and technical analysis suggest XRP has the potential to maintain its bullish momentum.
Current State of the XRP Market
XRP recently broke above the $3 mark, moving towards new record highs. As of writing, the XRP price stands at $3.161, a 1.49% increase. The 24-hour trading volume rose by 88%, reaching $21.49 billion. This surge pushed the market cap to over $190 billion, making XRP the third-largest cryptocurrency by market capitalization. Technical indicators show XRP becoming overbought, with the Relative Strength Index (RSI) nearing 70, demonstrating market confidence in its future trajectory.
XRP Catalysts to Watch
The ongoing uptrend in XRP’s price is attributed to key trends linked with Ripple Labs. In December, Ripple introduced its US dollar-backed RLUSD stablecoin on major exchanges. Over the last 24 hours, RLUSD’s trading volume increased by over 140%. Activity around XRP also coincides with expectations of exchange-traded Funds (ETFs) approvals in 2025. JPMorgan analysts are optimistic that XRP ETFs could inject between $3 to $8 billion. Ripple’s involvement in the real-world asset industry is also crucial for XRP’s further growth.
XRP is showing significant growth this January, beating historical trends and gaining support from key market factors.
