XRP Price Trends Linked to 2024 US Election Speculation
Analysts are closely monitoring the price trend of XRP in relation to the US election cycles. Observers suggest that a crypto-friendly candidate winning could lead to significant price increases for XRP, similar to past election outcomes.
After the 2016 and 2020 elections, XRP's value experienced substantial growth, with expectations of a repeat performance in 2024 if Donald Trump wins. Market expert Mikkybull notes a "symmetrical triangle" pattern preceding these elections, which historically resulted in considerable price surges.
$XRP huge acceleration is coming
Look at the past elections and see what follows. pic.twitter.com/ufcqC8v5Y5
— Mikybull
Crypto (@MikybullCrypto) November 8, 2024
Historical Price Movements of XRP
Mikkybull observed that after the 2016 elections, XRP's price initially fell but subsequently rose by 60,000%, reaching an all-time high of $3.31. The 2020 election also triggered another spike, resulting in a 170% increase within one month.
A liquidity crunch occurred in December due to a ruling from the SEC against Ripple Labs. However, analysts believe the upcoming elections could provide a new opportunity for price increases in 2024. Given current market sentiment, Mikkybull anticipates another rally is likely.
Current Technical Indicators
XRP is currently trading at approximately $0.6393, facing resistance at $0.6533. Analysts indicate that overcoming this barrier could lead to a target of $0.7463. Increasing volume and recent gains may support this potential upward movement.
Market expert RippleLord predicts XRP could return to its 2017 highs if the rally continues. In 2017, XRP surged from $0.06 to nearly $3.84. RippleLord suggests XRP might reach at least $3, with a long-term peak potentially hitting $28 under favorable market conditions.
This is the anatomy of the alt-season.
We had this analysis before, and I’ve mentioned that November 24 will start the Crypto Bull Run.
Bitcoin Dominance had its reversal in the monthly RSI as it did in January 2021.
During this period, $XRP went from $0.170 to $1.966.
Since… pic.twitter.com/aWU45NWqLt
— Dark Defender (@DefendDark) November 9, 2024
Legal Developments Impacting XRP
The recent court ruling by Judge Analisa Torres determined that XRP is not a security, removing a significant regulatory hurdle that has affected XRP for years. Additionally, Ripple's commitment to innovation is evident through its efforts to expand payment services, including recent approval from the Dubai Financial Services Authority.
Featured image from Pexels, chart from TradingView