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Analysts are once again paying close attention to the price development of XRP and the US election cycles. Many people who follow the market say that if a crypto-friendly candidate wins, XRP could make a big jump, similar to what happened after other elections. Could this be the start of a new rally?
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After the 2016 and 2020 US elections The value of XRP skyrocketed, as expected by market observers. These two major events benefited cryptocurrencies, which analysts expect will happen again in 2024 under Donald Trump.
Market expert Mikkybull observes a ‘symmetrical triangle pattern’ that preceded these elections and led to significant results. Since XRP has reached these highs before, some wonder if history will repeat itself.
$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
Patterns of XRP in the Past: From Triangle to Wave
Mikkybull notes that the price of The 2020 election caused another upward spike, sending the altcoin up 170% in a month.
There was also a liquidity crisis for the cryptocurrency market in December, but this was caused by the SEC’s ruling against Ripple Labs to the contrary. In light of the ongoing lawsuits, the election rally is generating interest as it suggests such increases could be achieved by 2024. Given the current bullish sentiment in the market, Mikkybull believes that a new rally is almost imminent.
Positive technical indicators
Currently, XRP is trading at around $0.6393 and encounters a resistance level at $0.6533. The potential path to the next target at $0.7463 is seen by analysts if it can overcome this barrier. Volume is increasing and recent gains could provide the necessary impetus.
RippleLord, a market expert, predicts that the price of XRP could even resume its 2017 high if this rally continues. In 2017, XRP saw a significant increase from $0.06 to almost $3.84. RippleLord believes that XRP could at least reach a consolidation level of $3, with a longer-term peak potentially reaching $28 if market conditions converge, despite the fact that repeating such a massive run may be ambitious.
This is the anatomy of the alternate season.
We had this analysis before and I said that on November 24th the Crypto Bull Run will start.
Bitcoin Dominance had its reversal in the monthly RSI, just like 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
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Legal developments
Meanwhile, the recent court ruling by Judge Analisa Torres, which ruled that XRP is not securityis another factor that strengthens the case for XRP. This eliminates a huge regulatory hurdle that has undermined XRP for years.
Furthermore, Ripple’s continued commitment to innovation is evident in its initiatives to expand its payment services, such as its recent approval from the Dubai Financial Services Authority.
Featured image from Pexels, chart from TradingView
