XRP Breaks $2 and is About to Set a Record High Annual Closing Price

Despite the ongoing consolidation of XRP's price, market data shows that this altcoin is likely to achieve its highest annual closing price in history.

It is worth noting that since reclaiming the seven-year high of $2.9 on December 12, XRP has been facing a bearish period. Three days after reaching its peak, the altcoin plummeted nearly 19%. Although there have been occasional attempts to recover, it continues to face pressure from short sellers.

The $2 Battle for XRP

During this bearish phase, analysts have more reason to be optimistic about XRP's price prospects. In a recent comment, market observer Dom confirmed that XRP may actually have a chance to achieve a historic closing within the annual timeframe.

For context, XRP has faced resistance at the $2 price point since it captured during the market surge in 2017/2018. Despite XRP performing strongly in this cycle, it has yet to secure an annual closing price above $2.

Especially in 2017, XRP skyrocketed from an initial price of $0.00678 to 33.066%. Nevertheless, its closing price in 2017 was $1.99, below the $2 mark, despite previously soaring to a peak of $2.47 in December 2017.

Meanwhile, in 2018, XRP plummeted 82.49%, closing the year at $0.3484. From this level, the altcoin has failed to return to the $2 mark for three consecutive years. Its next attempt to reach this price was in April 2021, when the price surged to a peak of $1.96, but faced strong resistance and could not reach $2.

XRP is Expected to Close the First Annual Candle Above $2

Now, seven years later, XRP has reclaimed the $2 price level in December 2024, soaring to a high of $2.9 following an upward trend that emerged last month. Despite the shorts triggering significant selling pressure afterward, XRP remains firmly above $2.

With only one day left until the end of 2024, if XRP maintains the $2 level, this will mark the first annual closing price above $2 in its entire history. Most market analysts believe this event will be historic and may signal the beginning of an explosive run for XRP.

Looking forward to a major bull market in 2025.