Bullish momentum continues escalating in the XRPL ecosystem as the asset records its highest-ever monthly closing in its over 14-year history.
XRP came the closest to a new all-time high in over seven years in the just-concluded month. The asset surged to an intra-month high of $3.39 on January 16 but failed to finally breach its historic price top.
Although it did not break into new price discovery, XRP made history last month. Analyst Mr. Xoom shared that the crypto asset recorded its highest-ever monthly closing in January.
XRP Makes History
When XRP surged to its all-time high in January 2018, this uncharted territory sparked a massive correction. The XRPL native token retraced 68.3% from the high, closing the month at $1.1240.
The high-caliber asset continued the downside in the next month, retesting the support around $0.2700. XRP continued to trade around the region until a breakout in 2021. After this breakout, it hit a peak of $1.98 in April 2021 but lost momentum swiftly, underperforming for three years before its big break last November.
Now, the XRPL native token has regained bullish traction amid strong ecosystem and macroeconomic boosts. The resignation of regulatory tyrant Gary Gensler following Donald Trump’s win and positive events like the Ripple-USD (RLUSD) creation have reinstated an upward trajectory.
After an impressive 282% and 7% price upswing in November and December, XRP recorded its highest-ever closing in January, having closed the month at $3.0359.
Speculations of New All-Time High Intensify
With January’s almost 46% upside, optimism that XRP would finally breach its ATH has gained momentum. The monthly closing excited the community, especially as it invalidated a shooting star candlestick following December’s over 28% rejection from a price high of $2.9070.
For context, market veteran Peter Brandt acknowledged the bullish momentum in the XRP chart, predicting an over 45% surge to $4.4. Notably, he based his predictions on an impending breakout from a flag pattern.
Furthermore, expert Egrag Crypto speculated an even higher price push to $31. He insisted that a surge to between $27 and $31 is realistic and between $8 and $13 conservative, citing XRP’s break above the Bull Market Support Band (BMSB).
In the meantime, XRP trades at $3.0214, correcting slightly from the historic January close.
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