XRP is on the verge of closing December 2023 in the green as it looks to break a five-year losing streak that has seen it end December with losses since 2018.
XRP’s performance since October has disappointed investors, especially compared to the pace of the broader crypto market within the same timeframe.
Notably, XRP is up 24% since October amid the market-wide uptrend. While the 24% gain appears bullish, it falls short when compared with Bitcoin’s (BTC) 61% upsurge and Ethereum’s (ETH) 36% rally within the same timeframe. Solana (SOL) is also up 456%.
Due to its underperformance against other assets, XRP has been relegated to sixth position on the list of largest assets by market cap. It relinquished the fifth position when SOL flipped it and BNB amid a sustained uptrend.
A Five-Year Losing Streak
Despite XRP’s current position, the crypto asset is performing better this month than it has been in the past five years. Crypto-focused research resource CryptoRank confirms this bullish situation with a curation of historical data that suggests a bearish pattern since 2018.
Interestingly, after XRP’s historical 818% upsurge in December 2017, the asset started underperforming in subsequent years. Despite hitting its current all-time high of $3.31 in January 2018, XRP went on to close in December 2018 with a loss of 2.25%.
December 2019 was also not favorable to the token, as it ended that month down by 16.8%. The largest December loss came up in 2020 when XRP collapsed 66.5%.
This massive loss came on the back of the SEC’s lawsuit that month, which triggered delistings by U.S.-based and Canadian exchanges. Meanwhile, December 2021 introduced a 17% loss, while December 2022 saw a 16.9% loss.
XRP Aims to Close December 2023 and 4th Quarter Strong
However, XRP is now on track to break this five-year losing streak, gaining 5.18% this December. With five days left to close the month, XRP has sealed its hold above $0.63, currently changing hands at $0.6377, a lofty position compared to the $0.6063 price it started December with.
Most of XRP’s gains came up yesterday, on Christmas day when the crypto asset rallied 5.57% from $0.6122 to $0.6462. XRP has now shed off some of these gains, having dropped 1.31% this morning.
The token would need to defend the support at $0.6170 to retain its profit this month. Slipping below this pivotal level could bring XRP to $0.5973, underneath the $0.6063 price it started December with.
Meanwhile, in terms of quarterly performance, XRP is also looking to break a five-year losing pattern that has seen it drop in the fourth quarter since 2018. The largest Q4 drop was in 2018, with XRP collapsing 39.1%. However, the cryptocurrency is now up 24.3% this quarter.
At XRP’s current trading price of $0.6377, the crypto asset is now up 4% this week. The 24-hour trade volume has also skyrocketed 77% to $1,782,798,589, indicating a resurgence of interest among investors. This could be due to the mild Christmas Day rally.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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