XRP, the seventh-largest cryptocurrency by market capitalization, is gaining attention as new research from Japan indicates a potential period of heightened volatility in Q4 2024. This price volatility could trigger a significant surge for XRP, sparking discussions about the potential for one of its biggest price breakouts in history.
What’s next?
According to a report from Japanese blockchain firm HashHub, XRP may be headed for increased volatility in the last quarter of 2024. Historical patterns suggest that this volatility could trigger a substantial price surge, echoing past market movements.
Throughout 2023 & the first half of 2024, XRP showed notable stability, consistently holding strong support levels, particularly around the $0.52 mark. Despite some minor fluctuations, XRP maintained its position above these key levels.
In Q3 2023, XRP’s average price was $0.574, with a median of $0.521. The following quarter saw a bullish shift, with the mean price rising to $0.593 and the median to $0.613, reflecting increased volatility and rapid price swings.
However, as 2024 progressed, XRP entered a consolidation phase. In Q1 2024, the mean and median prices slightly adjusted to $0.577 and $0.575, respectively. By Q2 2024, the market showed signs of cooling down, with the mean price dipping to $0.523 and the median to $0.518, suggesting a loss of momentum.
Data from blockchain analytics firm Santiment indicates that XRP’s 4-week volatility has historically been a precursor to price spikes. For instance, in December 2017, a volatility increase to 0.62 led to XRP’s monumental surge, while in April 2021, a similar rise to 0.47 coincided with XRP’s price rally to $1.96.
Further analysis of XRP’s weekly Historical Volatility (HV) supports this outlook. The HV indicator measures price fluctuations over time, and while current volatility is low, historical trends suggest that a spike in this metric often precedes a price increase.
For example, in September 2022, a sharp rise in XRP’s HV led to a 37% price jump within just one week. A similar pattern occurred in July 2023, resulting in a 59% rally.
As of now, XRP is trading at $0.58, reflecting a 2.7% increase over the last 24 hours. Trading volume has surged by 137%, bringing the market cap to $32.7 billion, further fueling speculation that XRP may be on the brink of a significant breakout.
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