XRP Price Patterns And 2024 Election Spark Talk Of A New Rally

by

As a seasoned analyst with a decade of experience in the cryptocurrency market under my belt, I have seen my fair share of price trends and election cycles. The recent comments from Mikkybull about XRP‘s potential rally in 2024 under the assumption that Donald Trump wins again, is something that piques my interest.

Experts are closely monitoring the price fluctuations of XRP and their connection with U.S. election cycles once more. Market observers speculate that if a pro-crypto candidate is elected, there might be a significant surge in XRP’s value, much like what transpired following previous elections. Could this signal another price rally?

Following the 2016 and 2020 U.S. elections, the value of XRP significantly increased, as anticipated by market experts. These significant events have historically been favorable for cryptocurrencies, and analysts predict a similar trend in 2024 if Donald Trump is elected again, potentially boosting the crypto market once more.

Market analyst Mikkybull notices a “balanced triangular” formation prior to the recent elections, which has resulted in notable successes. Given that XRP has reached similar heights in the past, some speculate whether history may reoccur.

$XRP huge acceleration is coming

Look at the past elections and see what follows.

— Mikybull Crypto (@MikybullCrypto) November 8, 2024

Patterns Of XRP In The Past: From Triangle To Surge

Mikkybull notes that following the 2016 elections, there was a slight drop in XRP’s price, but it eventually skyrocketed over 60,000%, peaking at $3.31 – its all-time high (ATH). In 2020, the election led to another significant surge that boosted the altcoin by approximately 170% in just a single month.

The cryptocurrency market faced a shortage of liquidity in December, primarily due to the SEC’s unfavorable decision against Ripple Labs. This legal battle is ongoing, but it has sparked curiosity because some predict similar growth could occur in 2024. With the market showing optimism, Mikkybull thinks another rally might be just around the corner.

Positive Technical Indicators

Currently, XRP is valued around $0.6393, but it’s facing a potential roadblock at $0.6533. If it manages to surpass this hurdle, analysts predict a possible path towards the next goal of $0.7463. The increasing trading volume suggests that recent gains could provide the momentum needed for this advancement.

According to market analyst RippleLord, there’s a possibility that the price of XRP could return to its 2017 heights if the current trend persists. Back in 2017, XRP witnessed a substantial surge from around $0.06 to almost $3.84. RippleLord suggests that XRP might revisit a stable point of about $3 in the short term, and under favorable market circumstances, it could even peak at an impressive $28 in the long run. However, he cautions that repeating such a monumental rise might be challenging.

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…

— Dark Defender (@DefendDark) November 9, 2024

Legal Developments

In simpler terms, the decision made by Judge Analisa Torres, stating that XRP is not considered a security, further supports the argument for XRP. This ruling removes a significant regulatory hurdle that XRP has been struggling with for quite some time.

Furthermore, Ripple’s commitment to innovation shines through in its efforts to expand its payment services, like the recent approval from the Dubai Financial Services Authority.

Read More

2024-11-13 05:10