XRP Price Patterns And 2024 Election Spark Talk Of A New Rally

Christian Encila

7 months ago

3 mins read

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Analysts are once again paying close attention to the price trend of XRP and the US election cycles. Many people who follow the market say that if a crypto-friendly candidate wins, XRP could go through a big jump, similar to what happened after other elections. Could this be the start of another rally?

After the 2016 and 2020 US elections, XRP’s value skyrocketed, as expected by market observers. These two major occurrences benefited cryptocurrencies, which analysts expect to happen again in 2024 under Donald Trump.

Market expert Mikkybull observes a “symmetrical triangle” pattern that preceded these elections and led to significant achievements. Since XRP has achieved these highs before, some wonder if history will repeat.

$XRP huge acceleration is coming

Look at the past elections and see what follows. pic.twitter.com/ufcqC8v5Y5

— Mikybull 🐂Crypto (@MikybullCrypto) November 8, 2024

Patterns Of XRP In The Past: From Triangle To Surge

Mikkybull observes that the price of XRP fell marginally after the 2016 elections but eventually increased by 60,000%, reaching the all-time high (ATH) level of $3.31. The 2020 election caused another upward spike which resulted in the altcoin increasing by 170% within the span of one month.

XRP market cap currently at $38 billion. Chart: TradingView

There was also a liquidity crunch in December for the cryptocurrency market however this was occasioned by the contrary ruling from the SEC against Ripple Labs. In light of the ongoing litigation, the election rally evokes interest because it proposes that such increases could be achieved in 2024. Given the current bullish sentiment in the market, Mikkybull believes that another rally is almost imminent.

Positive Technical Indicators

At present, XRP is trading at approximately $0.6393 and is encountering a resistance level at $0.6533. The prospective path to the next target at $0.7463 is seen by analysts if it can overcome this barrier. Volume is increasing, and recent gains may provide the necessary impetus.

RippleLord, a market expert, predicts that the price of XRP may even resume its 2017 highs if this rally continues. In 2017, XRP experienced a significant increase from $0.06 to nearly $3.84. RippleLord believes that XRP could at least reach a consolidation level of $3, with a longer-term peak potentially reaching $28 if market conditions coincide, despite the fact that repeating such a massive run may be ambitious.

This is the anatomy of the alt-season.

We had this analysis before, and I’ve mentioned that November 24 will start the Crypto Bull Run.

Bitcoin Dominance had its reversal in the monthly RSI as it did in January 2021.

During this period, $XRP went from $0.170 to $1.966.

Since… pic.twitter.com/aWU45NWqLt

— Dark Defender (@DefendDark) November 9, 2024

Legal Developments

Meanwhile, the recent court ruling by Judge Analisa Torres, who determined that XRP is not a security, is another factor that strengthens the case for XRP. This eliminates an immense regulatory obstacle that has undermined XRP for years.

Additionally, Ripple’s ongoing dedication to innovation is evidenced by its initiatives to broaden its payment services, such as the Dubai Financial Services Authority’s recent approval.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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