R xlab and ylab in xts plot - r

Question

Plotting an xts should be really easy, but I can't seem to get the xlab, and ylab to work..
ylab="Price"
xlab="Date"
plot(x = basket[, 1], lty="dotted", xlab = xlab, ylab = ylab, col = "mediumblue", lwd = 2)
title("Cumulative")
This will plot the figure, but without any labels on the x- and y-axis.
There must be an easy solution to this. The plot looks as it should besides that issue. I have tried with xts.plot, zoo.plot, xyplot but none seem to do the trick.
Data sample
structure(c(1, 1.01463414634146, 0.926829268292683, 0.970731707317073,
0.953658536585366, 1, 0.998263888888889, 1.01159722222222, 1.05076388888889,
1.05034722222222, 1, 1.00178890876565, 0.985688729874776, 1.04293381037567,
1.04651162790698, 1, 0.976675478152698, 0.990359197636448, 1.06515316436013,
1.04571606282071), class = c("xts", "zoo"), index = structure(c(946944000,
947030400, 947116800, 947203200, 947462400), tzone = "UTC", tclass = "Date"), .Dim = 5:4, .Dimnames = list(
NULL, c("new.close", "new.close.1", "new.close.2", "new.close.3"
)))

Answer 1

It is plot.zoo, not zoo.plot. These all work for me:
library(xts)
plot(as.zoo(basket[, 1]), xlab = "X", ylab = "Y")
plot.zoo(basket[, 1], xlab = "X", ylab = "Y")
library(lattice)
xyplot(basket[, 1], xlab = "X", ylab = "Y")
library(ggplot2)
autoplot(basket[, 1]) + xlab("X") + ylab("Y")
Note
basket <-
structure(c(1, 1.01463414634146, 0.926829268292683, 0.970731707317073,
0.953658536585366, 1, 0.998263888888889, 1.01159722222222, 1.05076388888889,
1.05034722222222, 1, 1.00178890876565, 0.985688729874776, 1.04293381037567,
1.04651162790698, 1, 0.976675478152698, 0.990359197636448, 1.06515316436013,
1.04571606282071), class = c("xts", "zoo"), index = structure(c(946944000,
947030400, 947116800, 947203200, 947462400), tzone = "UTC", tclass = "Date"), .Dim = 5:4, .Dimnames = list(
NULL, c("new.close", "new.close.1", "new.close.2", "new.close.3"
)))

Answer 2

I know this might not be exactly what you had in mind, but it gets the job done. Plus, you get to work with ggplot2 which way better than the standard plotting system. In addition, I am using ggfortify which extends ggplot() capabilities to handle time series.
library(xts)
library(zoo)
library(ggfortify)
library(ggplot2)
myts = structure(
c(1, 1.01463414634146, 0.926829268292683, 0.970731707317073,
0.953658536585366, 1, 0.998263888888889, 1.01159722222222, 1.05076388888889,
1.05034722222222, 1, 1.00178890876565, 0.985688729874776, 1.04293381037567,
1.04651162790698, 1, 0.976675478152698, 0.990359197636448, 1.06515316436013,
1.04571606282071),
class = c("xts", "zoo"),
index = structure(c(946944000, 947030400,
947116800, 947203200,
947462400),
tzone = "UTC",
tclass = "Date"),
.Dim = 5:4, .Dimnames = list(NULL,
c("new.close",
"new.close.1",
"new.close.2",
"new.close.3" ) )
)
autoplot( myts[ , 1], xlab = "Date", ylab = "Price" )
Created on 2020-05-05 by the reprex package (v0.3.0)