2023 proved to be a rollercoaster year for XRP (XRP), one of the biggest crypto altcoins. Its market-altering journey was heavily influenced by both positive and negative events, particularly the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Despite regulatory uncertainties, XRP defied the odds to surge in its price throughout the year, outperforming Ethereum (ETH).
In a December 6 analysis post, Cryptoes, a popular X account for crypto technical analysis (TA), revealed something that not many cryptocurrency enthusiasts have noticed. XRP had gained more than 116% this year, or $0.33, compared to the 91.9% surge seen in ETH. Cryptoes noted that given XRP’s performance over the past few years, this is not something to brag about. He added, however, that XRP may be on the verge of a “fresh, new, and long-term uptrend”.
Commenting on the same post, one X user suggested that XRP’s price action may be forming a Cup and Handle, which is usually considered a bullish pattern. Cryptoes confirmed the user’s assessment. This pattern consists of a rounded bottom (the “cup”) followed by a consolidation period and a smaller upward move (the “handle”). Technical analysts usually view this as a signal of a potential trend reversal, suggesting that an asset’s price may experience a significant upward breakout after the handle formation.
As of December 7, XRP’s price was at $0.64, down 0.4% on the day. It gained 4.7% over the past week, but its monthly performance was -10.8%.
It is important to note that investment in cryptocurrency is speculative and comes with risks. Therefore, it is advised to always exercise caution when investing and to conduct proper research beforehand.
