XRP is on track to break a major all-time high despite the seemingly visible slow growth that many believe it has recorded in recent weeks. Unlike its peers, XRP has only managed grow 5.05% in 24 hours at $0.58. In the midst of this slight rebound, the currency has not exceeded the price of $0.6, a level considered a fundamental point for charting new growth trends.
XRP is on track to break a major all-time high despite the seemingly visible slow growth that many believe it has recorded in recent weeks. Unlike its peers, XRP has only managed grow 5.05% in 24 hours at $0.58. In the midst of this slight rebound, the currency has not exceeded the price of $0.6, a level considered a fundamental point for charting new growth trends.
XRP history will be broken
Throughout its history, the month of February has mostly ended with losses for XRP. In fact, Cryptorank data sample that in the last 10 years, XRP has only positively closed February only three times.
These include closing 23.8% in 2016, 1.13% in 2019, and 26.3% in 2022. With more months ending in losses, the average XRP growth for February is negative, falling to a drop of 3.29%. The average growth rate also decreased by 7.23%.
Based on XRP’s current outlook, it could surpass the average and possibly median growth rate if it can validate the 9% growth it has recorded in the month-to-date (MTD) period. Despite relatively slow growth, XRP bulls and retail holders can help the coin break the slumber in its month-over-month outlook if the current momentum is maintained.
XRP and ecosystem hype
Although there are
limited or negative sentiment around XRP based on the yet-to-be-resolved lawsuit between Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC), short term. .
With the price of Bitcoin (BTC) crossing the $58,000 benchmark amid a sustained uptrend, the XRP correlation spells positive omens for the cryptocurrency. This correlation could help the digital currency break the $0.6 barrier in the short term and possibly take the price to a new pedestal.
