Market analysts are increasingly focusing on the price trajectory of XRP in relation to upcoming US election cycles. Historically, when crypto-friendly candidates have gained traction, XRP has experienced significant upward movement. This trend raises the question: are we on the verge of another rally?
Looking back at XRP ’s performance after the 2016 and 2020 elections, both events led to substantial gains for the cryptocurrency, with expectations of similar outcomes in the 2024 election, particularly with Donald Trump as a candidate. Market watchers have noticed a symmetrical triangle pattern forming, which is indicative of a possible price surge, leading to speculation that past performance could repeat itself.
In the aftermath of the 2016 election, XRP ’s value initially dipped but subsequently soared by 60,000%, marking an all-time high of $3.31. The 2020 election also triggered excitement, resulting in a 170% increase in just one month. However, the market faced challenges in December due to negative news from a ruling against Ripple Labs by securities regulators, clouding the market’s outlook. Nonetheless, the upcoming election could revitalize interest and optimism about a potential surge in 2024.
Currently, XRP is trading around $0.6393, encountering resistance at $0.6533. Analysts suggest that clearing this hurdle could pave the way towards reaching $0.7463. There is a positive shift in market sentiment, with increasing trading volumes hinting at possible upward momentum. Some experts believe that if this rally gains momentum, XRP could emulate its 2017 performance when it surged from $0.06 to nearly $3.84.
Adding to XRP ’s favorable outlook is a recent court ruling determining that XRP is not classified as a security, thereby removing a significant regulatory barrier that has plagued its growth. Furthermore, Ripple’s ongoing commitment to innovation and broadening payment solutions, particularly with new approvals in international markets, strengthens the overall positive sentiment surrounding XRP .
