XRP Price Patterns and 2024 Election Suggest New Rally
Analysts are reviewing XRP's price and US election cycles again. Many market watchers believe XRP might rise if a crypto-friendly politician wins, like it did in recent elections. Could this launch another rally?
Market experts predicted XRP's value to rise after the 2016 and 2020 US elections. These two significant events boosted cryptocurrencies, which experts believe to happen again in 2024 under Trump.
Market guru Mikkybull sees a “symmetrical triangle” trend before these elections that led to success. After reaching these highs, some worry whether XRP will do so again.
Previous XRP Patterns: Triangle to Surge
Mikkybull notes that XRP dipped little after the 2016 elections then rose 60,000% to $3.31, its all-time high. Another upward burst after the 2020 election sent the cryptocurrency up 170% in one month.
The SEC's opposition to Ripple Labs caused a bitcoin market liquidity constraint in December. In view of the case, the election rally's proposal for 2024 raises is intriguing. Mikkybull expects another surge due to market optimism.
Good Technical Indicators
At $0.6393, XRP faces resistance at $0.6533. Analysts anticipate a route to $0.7463 if it can overcome this obstacle. Increased volume and recent gains may spur growth.
From Bitstamp
RippleLord, a market guru, says that XRP may return to 2017 highs if current surge continues. XRP rose from $0.06 to Nearly $3.84 in 2017. Despite the challenge of recreating such a big surge, RippleLord thinks XRP might at least reach a consolidation level of $3 and a longer-term top of $28 if market circumstances align.
Legal Changes
Judge Analisa Torres' recent finding that XRP is not a security enhances its case. This removes a major regulatory hurdle that has plagued XRP for years.
Ripple's new Dubai Financial Services Authority clearance to expand its payment services shows its commitment to innovation.
