Despite the ongoing XRP price consolidation, market data shows that the altcoin is on track to achieve its highest annual close in history.
XRP in particular has was facing a downward trend since reclaiming a seven-year high of $2.9 on December 3. Three days after this peak, the altcoin plunged by almost 19%And Despite occasional attempts at recovery, pressure from the bears continues.
XRP’s fight for $2
Amid this bearish phase, analysts have more reason to be confident in XRP’s price prospects. In a recent commentary, market watcher Dom confirmed that XRP could indeed be on track to reach a historic year-to-date close.
$XRP annual candle overview
If you zoom out, you can see that $2 is really the only value that matters
The 2017 candle closed at $1.99
The 2021 candle was $1.99
Two more days to close above $2 and break the “cycle ceiling” pattern pic.twitter.com/mSu7on4s2d
— Dom (@traderview2) December 29, 2024
For context: XRP has always has faced resistance at the $2 price level since it conquered it in the 2017/2018 market rally. Despite its meteoric run this cycle, XRP was not able secure annual financial statements over the price of $2.
Notably, in 2017, XRP saw a massive 33,066% increase after skyrocketing from its starting price of $0.00678. Nevertheless, it ended 2017 at a price of $1.99, below the $2 mark, although it had previously reached a peak price of $2.47 in December 2017.
Meanwhile, XRP plunged 82.49% in 2018, closing the year at $0.3484. From this level, the altcoin failed to recapture the $2 mark for three years. The next attempt to reach this price was in April 2021, when the price rose to a maximum price of $1.96…
