U.S. Elections Drive Volatility in XRP
The U.S. elections are intensifying volatility in the crypto market, with XRP seeing a boost amid Donald Trump’s rising chances. According to analysts, the election outcome could significantly impact crypto prices, leading to notable market movements.
In the last 24 hours, XRP’s price increased by 5.3% to $0.5337, while Bitcoin reached a new all-time high. Bitcoin traded at $74,722, reflecting a 9.3% rise.
Will the U.S. Elections Impact Crypto and XRP Prices?
Crypto analyst Ran Neuner stated on his YouTube channel that the U.S. elections could strongly impact the crypto market. According to Neuner, the elections are creating substantial volatility in the crypto space, with Bitcoin experiencing considerable swings.
Neuner highlighted that if Trump wins, the market anticipates a bullish response for Bitcoin and altcoins. This could push Bitcoin’s price up to $90,000, with altcoins like XRP also expected to see gains. However, if Kamala Harris wins, the market could enter a phase of panic selling, particularly among altcoins, as investors may move funds into BTC and ETH or exit the market.
XRP Price Prediction After the Elections
After Trump’s victory in Georgia, his chances on Polymarket rose to 94.3%, pushing BTC’s price to a new high. The prices of altcoins like Solana, Dogecoin, and XRP followed suit and also rose.
XRP has now broken out of its downward trend channel, signaling a positive reversal. The next resistance level is anticipated at $0.56, with the potential to rise by 4.2%. If XRP breaks through this level, its price could reach up to $0.66, a key level marking the top of a multi-month range. Surpassing this level could push XRP to $0.73, creating a new yearly high.
According to liquidity analysis on Coinglass, there are currently more open long positions than shorts, indicating that traders expect further price growth. Support levels around $0.5, $0.52, and $0.492 provide a strong foundation for XRP, while key resistance sits at $0.542.
Why Trump’s Victory Could Be Good for Ripple
A Trump victory could provide significant support for XRP. One key reason would be potential changes in SEC leadership, which could bring favorable regulations for the crypto industry and XRP.
One such change could involve the nomination of Hester Peirce (known as “Crypto Mom”) as SEC chair, which may accelerate pro-crypto regulatory developments if Trump wins.
Additionally, the Trump administration could support the approval of further crypto ETFs, including XRP and Solana ETFs, which have already been proposed.
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