XRP price is witnessing increased volatility after Trump took a lead in the U.S presidential election. According to a leading analyst, XRP has shifted from accumulation and is on the way to entering a breakout zone which could catapult it to above $2.
The price of XRP jumped 5.3% in the last 24 hours to trade at $0.5337 after Bitcoin gained momentum and broke its previous all-time high. BTC price is up 9.3% in the same duration and is currently trading at $74,722.
XRP Price To Surge After Trump Win?
Crypto analyst StephIsCrypto has predicted that XRP is in Phase D of a Wyckoff Accumulation pattern. Phase D is the transitory stage between accumulation (Phase C) and breakout (Phase E), in which there is an increase in trading volume and volatility. This phase usually preceded a significant price upswing.
CEO of Onchain Capital Ran Neuner earlier said that the U.S elections could break crypto. According to Neuner, the elections are created significant volatility in the crypto space with Bitcoin showing huge fluctuations.
He further highlighted that a Trump win would be received positively by the market. True to his words, Bitcoin price surpassed its all-time high as new of Trump winning the election broke. Predictions suggest Bitcoin price could run up to $90,000 or higher after the election, and altcoins like XRP would also surge.
However, if Kamala Harris had won, the crypto market would have likely entered a phase of panic selling, especially in altcoins, with investors moving their fund into BTC and ETH, or out of the market entirely.
Either way, the 2024 U.S elections have had huge impact on the crypto space, and the effects will continue to be felt way into 2025.
XRP Price Could Soar 3,300% After This Obstacle
Following Trump’s win in Georgia, His odds increased to 94.3% on Polymarket. Subsequently, BTC price established a new all-time high price. Altcoins such as Solana, Dogecoin and XRP price also jumped.
The recent price increase has pushed XRP out of a falling channel, which is a bullish reversal signal. The next immediate resistance for Ripple price is at $0.56, which is 4.2% away. Beyond that XRP price could surge 24% to retest $0.66, which also happens to be the top of a multi-month range and the resistance of a multi-year symmetrical triangle. A break above this could send the asset soaring 3,336% to $24.
An analysis of the XRP liquidation map on Coinglass shows there are currently more Long Liquidation leverage trades than Shorts. With $40 million worth of Longs versus 15 million Shorts, XRP traders are bullish on the asset as the imbalance shows they anticipate price to increase in the coming days.
Further analysis of the LM shows there is strong support around $0.5 and $0.52 and $0.492. This means bears will have a hard time breaking below these levels. On the flip side, the only major resistance level nearby is the $0.542, after which, the price could quickly rally to $0.66.
Why A Trump Win Is Good For Ripple Price
There is a range of reasons why a Trump win would be phenomenal for Ripple price. One of the top reasons would the re-shuffling of the SEC leadership which would bring favorable regulations to the crypto world and to Ripple.
Hester Peirce (AKA Crypto Mom) is rumored to be the top pick to replace Gary Gensler SEC Chair if Donald Trump becomes the next president of the United States of America.
JUST IN – Hester Peirce (Crypto Mom) is rumored to be the top pick to replace Gary Gensler SEC Chair under Donald Trump. pic.twitter.com/p3N1fW7KKV
— Altcoin Daily (@AltcoinDailyio) November 5, 2024
Furthermore, there is likely to be wider adoption and approval of Crypto ETFs under Trump administration. Bitwise has already filed for an XRP ETF while Canary Capital has filed for a Solana ETF. These are likely to be approved under a pro-crypto government.
Frequently Asked Questions (FAQs)
The U.S. election is creating heightened volatility across the crypto market, affecting XRP and other assets. Investors are closely watching the results, which could lead to major market shifts depending on the outcome.
Yes, a Harris win might lead to panic selling in altcoins, with investors possibly reallocating funds into Bitcoin, Ethereum, or cashing out, causing a downturn for XRP and other altcoins.
If Trump wins, Hester Peirce (known as “Crypto Mom”) might replace the current SEC Chair, leading to more crypto-friendly policies and possibly paving the way for an XRP ETF.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-to-surge-3336-as-analyst-sees-major-move-after-trump-win/
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