XRP, the cryptocurrency known for its volatility around U.S. election times, appears to be on the verge of another major price movement following the recent presidential election, according to market analyst Mikkybull.
Background:
- Election Influence: Historically, XRP has shown significant price changes following U.S. presidential elections. This pattern has been consistent, with notable movements in 2016 and 2020 after election results.
- 2024 Election Impact: With Donald Trump’s election victory, a pro-crypto atmosphere seems to bolster optimism in the crypto markets, including for XRP.
Price Movements Post-Elections:
- 2016 Surge: After the 2016 election, XRP remained low for four months but skyrocketed by 60,000%, reaching an all-time high of $3.31 by March 2017.
- 2020 Rally: The 2020 election triggered a 177% rise in XRP’s price within the same month, although it faced a steep decline due to an SEC lawsuit against Ripple.
Current Observations:
- Symmetrical Triangle Pattern: Each election period, XRP forms a symmetrical triangle pattern that tends to break out, leading to significant price increases.
- 2024 Outlook: The pattern suggests another potential breakout. Since the election, XRP has already gained 22.46% in November, indicating the start of a positive trend.
Potential Future Performance:
- Analyst Predictions: While exact future prices are speculative, Mikkybull hints that if historical patterns hold, XRP could see substantial gains. Potential increases could range from 100% to 500%, which would adjust XRP’s price to between $1.22 and $3.67, depending on market conditions.
Investors and enthusiasts are watching closely to see if XRP will indeed follow its historical post-election behaviour, potentially leading to significant investment opportunities in the cryptocurrency space.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.