TL;DR
- Analysts foresee a potential XRP rally, envisioning a surge to $0.90 if the asset clears crucial resistance points, despite recent underperformance.
- The US presidential election results could fuel enhanced volatility for the entire crypto market and Ripple’s native token particularly.
‘Bearish Outlook or a Strong Bullish Trend?’
Despite its slight resurgence in the past 24 hours, Ripple’s XRP remains one of the poorest performers (from crypto’s top 10 list) on a monthly scale. It currently trades at around $0.51 (per CoinGecko’s data), representing a 4% decline for that period.
Numerous market observers, though, believe an XRP bull run is incoming. One of those is the X user EGRAG CRYPTO who claimed the asset’s price chart has been following a so-called “bitfrost bridge” in the past years. Continuing that trend would lead to a price rally to as high as $0.90, the analysis suggests.
Dark Defender also gave their two cents. The analyst maintained that XRP’s daily indicators are oversold, while the daily trend is bullish. The trader still thinks that a major pump could occur if the price surpasses the important resistance levels of $0.5286, $0.6044, and $0.6649.
“Our central structure is the same; I know it is boring, but it is what it is,” they added.
The investor, using the X monicker Crypto Rand, weighed in, too. They claimed the current price condition of XRP represents a “do or die momentum.”
$XRP defending the key 50 cents support while pushing on the local downtrend. Do or die momentum for #XRP pic.twitter.com/iqpqJzUM0x
— Crypto Rand (@crypto_rand) November 4, 2024
Volatility on the Way?
The results of the presidential elections in the United States may trigger severe price swings for the entire cryptocurrency market. The contest (set for November 5) faces the Republican Donald Trump versus the Democrat Kamala Harris.
The XRP army seems to be cheering for the former, considering his promise to fire the SEC’s Chairman Gary Gensler, should he emerge victorious. The agency and its head have been at war with many crypto businesses, including Ripple. Those who have followed the updates in the crypto space for the past several years must be aware that the two entities have been confronting each other in a lawsuit since 2020.
The potential dismissal of Gensler could change the regulator’s approach to the Ripple case, as a new Chair might shift focus away from aggressive enforcement actions.
That said, many crypto proponents were left baffled after the company’s co-founder Chris Larsen donated $10 million worth of XRP to support Harris’ campaign. Last week, he assumed that the Democratic candidate would have a much different stance towards the industry than her predecessor, Joe Biden.
“The DNA of Harris’ administration is from the world capital of innovation – the Bay area (it’s a place that has created more trillion-dollar companies than any other place on the planet). She gets that. She grew up here, and she knows people who founded these companies, so I am really confident that this is going to be a completely different approach from the failed policy of Biden’s administration when it came to crypto,” Larsen stated.
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