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It's Christmas Eve, and in the cryptocurrency market, the prices of most of our beloved digital assets are turning green for the holiday. Currently, the third largest cryptocurrency, XRP, is no exception, with its price jumping more than 5.1% from an intraday low to a recent high of $2,325.
The last few days have been difficult not only for me XRP But for the overall cryptocurrency market, about $416 billion of its market value, or 11.53% of the total, has been wiped out in the past week alone in a long series of declines.
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However, today's trading session proved the bears wrong, as, first, Bitcoin (BTC) It broke its downtrend, and then all altcoins saw a wave of price increases. Now that we have the pump, the question remains: Will the renewed optimism last long enough for XRP to recover to at least pre-sale levels?
From a certain point of view, it will be Christmas tomorrow, and traditionally, amid a festive mood, the cryptocurrency market is witnessing a similar reaction.
On the other hand, we are at that time in the market where all traders and fund managers have to balance their books, close trades, report profits and losses, bid farewell and enjoy the year-end holidays.
Will XRP reach yearly highs in 2024?
If this pattern - common in traditional financial markets - in previous cycles did not affect cryptocurrencies much; This time with the arrival of the likes Black RockFidelity and other traditional financial institutions, the same trends may apply to digital assets that are traded without days off.
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XRP set a local high of $2.90, an all-time high above $3.3, and currently, the token is trading at $2.30. It is still at least 26% from its recent high, which may be a lot for the token in these two days. However, nothing is set in stone and it may not happen from the beginning, but XRP may end the year on a positive note.
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