Despite the ongoing XRP price consolidation, market data shows the altcoin is on track to secure its highest yearly close in history.

Notably, XRP has faced a bearish spell since it reclaimed the seven-year peak of $2.9 on Dec. 3. The altcoin collapsed nearly 19% three days after this top, and has continued to witness pressure from the bears despite occasional recovery attempts.

XRP’s Battle at $2

Amid this bearish phase, analysts have more reason to be confident in XRP’s price prospects. In a recent commentary, market watcher Dom confirmed that XRP might actually be on track to secure a historic close on the yearly timeframe.

$XRP yearly candle overview

When you zoom out, you can see $2 is really the only level that matters

2017 candle closed at $1.99

2021 candle wicked to $1.99

Two more days to close above $2 to break the "cycle cap" pattern pic.twitter.com/mSu7on4s2d

— Dom (@traderview2) December 29, 2024

For context, XRP has always faced resistance at the $2 price mark since it captured it in the 2017/2018 market rally. Despite its meteoric run during this cycle, XRP was unable to secure a yearly close above the $2 price.

Particularly, in 2017, XRP witnessed a massive increase of 33,066%, after it soared from the starting price of $0.00678. Nonetheless, it closed 2017 with a price of $1.99, below the $2 mark despite previously soaring to a peak price of $2.47 in December 2017. 

Meanwhile, in 2018, XRP collapsed 82.49% and closed the year at $0.3484. From this level, the altcoin failed to reclaim the $2 mark for three years. Its next attempt at hitting this price was in April 2021, when it soared to a peak price of $1.96 and then faced intense resistance, unable to reach $2.

XRP on Track to Close First Yearly Candle Above $2

Now, after seven years, XRP recovered the $2 price level in December 2024, soaring to a top of $2.9 following the uptrend it registered last month. While the bears have since triggered massive selling pressure, XRP has held firm above $2. 

With just a day left to end 2024, if XRP maintains the $2 level, this would mark the first yearly close above $2 in its entire history. Most market analysts believe this event would be historic, possibly marking the start of an explosive run for XRP.

Notable crypto trader Steph also called attention to this potential bullish close, highlighting its importance for the market. “We’re all gonna be super rich,” the market watcher suggested in a recent disclosure on X. 

Prevalent Selling Pressure

However, XRP appears to be facing intense pressure, as the bears attempt to push it below $2 before the close of 2024. With a 1.15% slump this morning, XRP now trades at an 11-day low of $2.06, retesting the lower trendline of a bull flag formed on the daily timeframe. 

Notably, the bulls need to defend the bull flag’s lower trendline zealously, as a breach underneath it would ultimately lead to a drop below the $2 price territory for XRP, invalidating its push to close its first yearly candle above it.

Meanwhile, despite the bearishness in December, XRP has sustained a 5.47% monthly gain, forming a bullish green inverted hammer candle. This candlestick suggests potential bullish reversal, having appeared during the latest downtrend. 

For the uninitiated, the long upper wick indicates buyers tried to push prices higher, but sellers pulled back some gains. Still, the close above the open indicates growing buyer strength. If XRP can hold the $2 level at the close of December, the next candlestick could mark the start of the anticipated price reversal.