Analysts are once again closely monitoring XRP's price movements and the U.S. election cycle. Many market watchers have indicated that if pro-cryptocurrency candidates win, XRP could see significant gains, similar to what has happened after other elections. Could this be the start of another rebound?
The value of XRP surged after the 2016 and 2020 U.S. elections, as market observers had anticipated. These two significant events benefited the cryptocurrency, and analysts expect this to happen again in 2024 under Donald Trump's leadership.
Market expert Mikkybull has observed a 'symmetrical triangle' pattern emerging before the election, achieving significant milestones. Given that XRP has previously reached these highs, there are doubts about whether history will repeat itself.
XRP Past Trends: From Triangle to Surge
Mikkybull noted that XRP's price dipped slightly after the 2016 election but ultimately rose by 60,000%, reaching an all-time high of $3.31. The 2020 election triggered another surge, causing altcoins to rise by 170% within a month.
The cryptocurrency market also experienced liquidity tightening in December, but this was due to the conflicting ruling by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs. Given the ongoing litigation, the election rebound has sparked interest as it suggests that such growth could be achieved in 2024. Given the current bullish sentiment in the market, Mikkybull believes another rebound is imminent.
Positive technical indicators
Currently, XRP is trading at around $0.6393, with resistance at $0.6533. Analysts believe that if XRP can break through this resistance, it is expected to reach the next target of $0.7463. Trading volume is increasing, and the recent rise may provide the necessary momentum.
Market expert RippleLord predicts that if this upward trend continues, the price of XRP could even return to its 2017 highs. In 2017, XRP soared from $0.06 to nearly $3.84. RippleLord believes that if market conditions remain consistent, XRP could at least reach a consolidation level of $3, with a potential long-term peak of $28, although repeating such a large-scale surge may be somewhat ambitious.
Legal developments
Meanwhile, Judge Analisa Torres' recent ruling that XRP does not constitute a security is another factor that strengthens the case for XRP. This removes a significant regulatory hurdle that has hindered XRP's development for years. Furthermore, Ripple's ongoing commitment to innovation is also reflected in its initiatives to expand payment services, such as the recent approval it received from the Dubai Financial Services Authority.
