2023 proved to be a rollercoaster ride for XRP (XRP), one of the biggest crypto altcoins.
This gripping journey was significantly influenced by a series of both positive and negative market-altering events, primarily revolving around the protracted legal battle between Ripple and the US Securities and Exchange Commission (SEC).
Amidst regulatory uncertainties and legal challenges, XRP defied the odds to showcase an impressive surge in its price throughout the year. Surpassing the performance of Ethereum (ETH), XRP’s remarkable ascent underscored the enduring allure of this popular altcoin among investors.
XRP may be on the verge of ‘new, long-term uptrend’
In a December 6 analysis post, a popular X account that conducts crypto technical analysis (TA), Cryptoes, revealed something that not many cryptocurrency enthusiasts have noticed.
Indeed, Cryptoes said that XRP has been outperforming Ethereum in 2023. As shown in his TradingView chart, the crypto token gained more than 116% this year, or $0.33, compared to the 91.9% surge seen in ETH.
“Given how #XRP has performed over the past few years; this is not something to brag about but wanted to bring it to your attention regardless.”
– the analyst noted in his post.
“XRP has been outperforming ETH in 2023.”
– he added.
The trading expert acknowledged that XRP has a long way to go to catch up to Ethereum’s market cap, but he hopes the crypto asset is “on the verge of a fresh, new, and long-term uptrend.”
XRP potentially forming a bullish pattern
Commenting on the same post by Cryptoes, one X user suggested that XRP’s price action may be forming a Cup and Handle, which is typically considered a bullish pattern. Cryptoes confirmed the user’s assessment.
This formation consists of a rounded bottom (the “cup”) followed by a consolidation period and a smaller upward move (the “handle”). Technical analysts usually view this pattern as bullish, signaling a potential trend reversal and indicating that an asset’s price may experience a significant upward breakout after the handle formation.
At the time of writing on December 7, XRP’s price was changing hands at $0.64, down 0.4% on the day. The cryptocurrency gained more than 4.7% over the past week, but its monthly performance sits at -10.8%.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
