By Michael Scott
Market data demonstrates that XRP is on course to close the year at a historic price above $2.
The XRP is no exemption to the ongoing price consolidation witnessed since the Federal Reserve issued a hawkish signal to slow rate cuts in 2025. As such, XRP has encountered a bearish spell to cede a substantial portion of the post-election gains.
Despite staging a spirited rise to $2.92 on Dec. 3, XRP encountered hurdles, leaving it unable to sustain bullish steam that elevated this altcoin to reclaim the seven-year peak.
The fourth-ranked altcoin plunged nearly 19% in three days after setting the multi-season peak. Still, it continues to experience pressure from the bears, though it stages occasional recovery attempts.
XRP Holds Above $2
Several analysts refute the bearish phase, issuing several reasons for a bold outlook on XRP price prospects. Market observer Dom indicated that XRP is set to secure a historic close on the annual timeframe.
The market watcher considers that XRP has religiously encountered resistance at the $2 price level since it surpassed the mark during the 2017-18 rally. While XRP had a meteoric run, it still failed to defend above the $2 price for its yearly close.
Reflecting on 2017 shows the XRP attained a massive 33,066% uptick when it rallied from the initial price of $0.00678. It concluded the year cents shy of $2 at a price of $1.99 despite setting a peak at $2.47 in December.
The XRP would plunge 82.49% in 2018 to finish off the year at $0.3484. Since this level, XRP has been unable to reclaim the $2 milestone for three years.
The subsequent attempt to hit this price emerged in April 2021, when it rallied to $1.96. However, it encountered extreme resistance to miss out on the $2.
Will XRP Head Into 2025 Above $2?
The huge leap witnessed by XRP in crypto since Donald Trump’s re-election saw XRP reclaim the elusive $2 level at the onset of December 2024. Besides eclipsing this mark after seven years, this altcoin garnered bullish steam that began in November to test unchartered territories to $2.92.
Although bears have gained control to trigger massive selling pressure, XRP has defended above $2. With hours left to see off 2024, it would mark the initial year XRP will close above $2.
Market analysts label this milestone historic and potentially the start of an explosive rally for XRP price.
Seasoned crypto analyst Steph urged attention to the bullish close, affirming its essence for the crypto market. The crypto trader indicated via a recent X post that XRP would deliver holders to super riches.
Intense Selling Pressure
The chart shows that XRP faces fierce selling pressure as bears attempt to drug it below $2 as the year ends. The XRP slumped 1.15% to exchange hands at the 11-day low at $2.06 to retest the lower trendline of the bull pattern established on the daily timeframe.
The bulls should, however, defend the lower trendline for the bull flag. Further breach underneath would leave XRP vulnerable to an inevitable decline below the $2 price mark. Such would invalidate the push to conclude the first yearly candle above the $2 territory.
While XRP has encountered bearishness this month, this altcoin has held to a 5.5% monthly gains to flash the bullish green and inverted hammer. The candlestick hints at a bullish reversal as it emerged during the recent downtrend.
The long upper wick portrays the attempts by buyers to elevate the prices higher, only for the sellers to erode some gains. Still, closing above the $2 level suggests increasing buyer strength.
If XRP defends the $2 level heading into 2025, the subsequent candlestick could signal the beginning of the projected price reversal.