XRP Price Patterns And 2024 Election Spark Talk Of A New Rally
12 Novembro 2024 - 11:00PM
NEWSBTC
Analysts are once again paying close attention to the price trend
of XRP and the US election cycles. Many people who follow the
market say that if a crypto-friendly candidate wins, XRP could go
through a big jump, similar to what happened after other elections.
Could this be the start of another rally? Related Reading: Shiba
Inu Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot After
the 2016 and 2020 US elections, XRP’s value skyrocketed, as
expected by market observers. These two major occurrences benefited
cryptocurrencies, which analysts expect to happen again in 2024
under Donald Trump. Market expert Mikkybull observes a “symmetrical
triangle” pattern that preceded these elections and led to
significant achievements. Since XRP has achieved these highs
before, some wonder if history will repeat. $XRP 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
Surge Mikkybull observes that the price of XRP fell marginally
after the 2016 elections but eventually increased by 60,000%,
reaching the all-time high (ATH) level of $3.31. The 2020 election
caused another upward spike which resulted in the altcoin
increasing by 170% within the span of one month. There was also a
liquidity crunch in December for the cryptocurrency market however
this was occasioned by the contrary ruling from the SEC against
Ripple Labs. In light of the ongoing litigation, the election rally
evokes interest because it proposes that such increases could be
achieved in 2024. Given the current bullish sentiment in the
market, Mikkybull believes that another rally is almost imminent.
Positive Technical Indicators At present, XRP is trading at
approximately $0.6393 and is encountering a resistance level at
$0.6533. The prospective path to the next target at $0.7463 is seen
by analysts if it can overcome this barrier. Volume is increasing,
and recent gains may provide the necessary impetus. RippleLord, a
market expert, predicts that the price of XRP may even resume its
2017 highs if this rally continues. In 2017, XRP experienced 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 longer-term peak potentially reaching $28 if market
conditions coincide, despite the fact that repeating such a massive
run may be ambitious. 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 Related Reading: Shiba
Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target Legal
Developments Meanwhile, the recent court ruling by Judge Analisa
Torres, who determined that XRP is not a security, is another
factor that strengthens the case for XRP. This eliminates an
immense regulatory obstacle that has undermined XRP for years.
Additionally, Ripple’s ongoing dedication to innovation is
evidenced by its initiatives to broaden its payment services, such
as the Dubai Financial Services Authority’s recent approval.
Featured image from Pexels, chart from TradingView
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