Analyst Steph_iscrypto highlighted an intriguing pattern in XRP’s price movements, suggesting a correlation with historical U.S. election cycles. The price of XRP is approaching a “critical level” within a symmetrical triangle formation, suggesting a possible breakout, the analyst’s tweet noted.
At press time, XRP trades around $0.5329. Besides, the analyst highlights that this could be a pivotal moment for the asset, particularly due to the US elections.
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The symmetrical triangle pattern on XRP’s macro chart by Steph signals prolonged price consolidation. This structure, which has taken shape since XRP’s peak in 2018, is marked by two converging trendlines.
The upper descending trendline acts as resistance, while the lower ascending line provides support. Such patterns often lead to breakouts that mirror the prevailing trend, pointing to a possible significant price movement.
The pattern also reflects diminishing volatility as XRP’s price compresses within the triangle. This “compression” phase suggests that momentum is building, with XRP poised for a breakout in either direction.
Steph_iscrypto’s analysis emphasizes that the upcoming U.S. election could act as a catalyst for this movement.
#XRP's price pattern is aligning with historic election cycles, signaling a potential breakout. With price compression reaching critical levels, a major move could be on the horizon! pic.twitter.com/OeT7WqIpe1
— STEPH IS CRYPTO (@Steph_iscrypto) November 5, 2024
Historic Election Cycles and Price Correlation
Steph_iscrypto’s chart analysis correlates XRP’s price with past U.S. election cycles, marking 2016, 2019, and 2024 as key reference points.
Historical data shows that these dates have often led to notable price reactions, with XRP seeing upward movement shortly after the 2016 and 2019 elections. The 2024 election, coinciding with the triangle’s apex, is expected to influence XRP’s price direction.
This alignment of XRP’s price movement and election cycles offers a unique perspective, suggesting that political events could influence the cryptocurrency market’s response. If history repeats, the approaching election might initiate another upward trend for XRP.
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XRP’s Price Target Zone
The analyst’s chart identifies a potential target price zone around $9, indicated by an upward arrow. This target is calculated by measuring the widest part of the triangle and projecting it upward from the breakout point.
Should XRP break out from the upper trendline, this $9 level aligns with the historical breakout pattern. This potential target represents a considerable increase from XRP’s current price level, hinting at a substantial upside if the bullish trend prevails.
However, a failure to hold support within the triangle could lead XRP to test lower support zones, although the chart presents a strong case for a bullish outcome.
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