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Many analysts expect a bull run for Ripple’s XRP, which could lead to exponential growth, giving Ethereum and Bitcoin a run for their money.
Several experts suggest that the potential price increase of XRP can be attributed to Donald Trump winning the US elections, a political event that brought so much excitement to the cryptocurrency sector.
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XRP: 700% Price Rise
Analysts said XRP could be on the verge of a possible price rally based on historical price movements after elections.
They predicted that the price could increase by 700% to around $4.89 per coin if history repeats itself.
Currently, the crypto is trading at $0.6113 with a total market cap of $34.76 billion and a 24-hour volume of $2.82 billion.
Market commentators said they believed XRP would benefit greatly from the incoming administration’s positive sentiment pro-crypto Donald Trump.
According to analysts, they see a potentially huge price increase for the digital currency due to the long-term pattern in the price movement and a possible repeat of the post-election trends.
However, some market observers decided not to announce a price target for the expected XRP rise.
Meanwhile, other analysts suggested that the most optimistic prediction for a post-election surge would be growth between 100% and 500%, saying the XRP price would be somewhere between $1.22 and $3.67 per coin.
Historic price rally
Analysts studied the price movement of
However, they noted that after the initial price drop, the altcoin experienced a massive price increase, sending the coin soaring as much as 60,000% to reach an all-time high of $3.31, an event that is not far-fetched at this point.
If XRP were to rise 60,000% again after the election, it would reach the $367 level.
$XRP a huge acceleration is coming
Look at the past elections and see what follows. pic.twitter.com/ufcqC8v5Y5
— Mikybull
Crypto (@MikybullCrypto) November 8, 2024
Similarly, XRP also saw a massive 177% price increase during the 2020 election, coincidentally in the same month as the 2016 breakout, before a correction occurred in December.
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New record highs could be just around the corner
Crypto analyst Dark Defender suggested that XRP could see a major bull run starting November 24 based on Bitcoin’s historical patterns.
Another analyst, 360Trader, agrees with Dark Defender on the bullish outlook for XRP, explaining that the coin’s extended price stability could fuel the rally.
360Trаdеr added that an indicator that XRP is building momentum for a bull run is its continued price stability.
Mikybull Crypto said that XRP is poised for another price surge, expressing confidence in the cryptocurrency’s prospects after notable price increases during the previous elections.
Featured image from Pexels, chart from TradingView
