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Analysts are once again paying close attention to the XRP price trend and the US election cycles. Many people who follow the market say that if a crypto-friendly candidate wins, XRP could see a big jump, similar to what happened after other elections. Could this be the start of another rally?
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After the US elections of 2016 and 2020. XRP value It rose significantly as market observers expected. These two major events have benefited cryptocurrencies, which analysts expect to happen again in 2024 under Donald Trump.
Market expert Mikipol notes the “symmetrical triangle” pattern that preceded these elections and led to major achievements. Since XRP has achieved these highs before, some wonder if history will repeat.
$XRP Big acceleration is coming
Look at the past elections and see what comes. pic.twitter.com/ufcqC8v5Y5
— Mikybull Crypto (@MikybullCrypto) November 8, 2024
XRP Patterns in the Past: From Triangle to Rise
Mikkybull notes that the price of XRP fell slightly after the 2016 election but eventually rose by 60,000%, reaching an all-time high (ATH) of $3.31. The 2020 election caused another bull run that saw the altcoin increase by 170% within a month.
There was also a liquidity crunch in December for the cryptocurrency market, but that happened due to the SEC’s adverse ruling against Ripple Labs. In light of the ongoing lawsuits, the caucus is generating interest because it suggests such increases could be possible in 2024. Given the current bullish sentiment in the market, Mikipol believes another rally is almost imminent.
Positive technical indicators
At present, XRP is Trading at around $0.6393 It faces a resistance level at $0.6533. Analysts see a possible path to the next target at $0.7463 if it can overcome this barrier. Trading volume is increasing, and recent gains may provide the necessary momentum.
RippleLord, a market expert, predicts that the price of XRP may resume its highs in 2017 if this rally continues. In 2017, XRP saw a significant increase from $0.06 to nearly $3.84. RippleLord believes that XRP could at least reach a consolidation level of $3, with a long-term peak potentially reaching $28 if market conditions coincide, though the fact that replicating such a huge run may be ambitious.
This is the anatomy of an alternate season.
We’ve done this analysis before, and I mentioned that November 24th will start the crypto bull run.
Bitcoin’s dominance has reversed in the monthly RSI as it did in January 2021.
During this period, $XRP It rose from $0.170 to $1.966.
since… pic.twitter.com/aWU45NWqLt
— Dark Defender (@DefendDark) November 9, 2024
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Legal developments
Meanwhile, the latest court ruling was issued by Judge Analisa Torres, who decided that XRP is not a currency protectionIt is another factor that strengthens the case for XRP. This removes a massive regulatory hurdle that has undermined XRP for years.
Additionally, Ripple’s continued dedication to innovation is evident through its initiatives to expand payment services, such as the recent approval from the Dubai Financial Services Authority.
Featured image from Pexels, chart from TradingView