TL;DR
- XRP’s price struggles amid ongoing SEC lawsuit, with hopes that a potential Trump victory could lead to regulatory changes benefiting the asset.
- Analysts predict a bullish scenario for the token, with possible gains if resistance levels are broken.
XRP’s Potential Catalyst
Ripple’s XRP is among the very few leading cryptocurrencies whose prices have dropped year-to-date. Currently, it is worth around $0.51 (per CoinGecko’s data), representing a 16% decline since January 1.
One important factor suppressing XRP’s valuation and creating an environment of uncertainty seems to be the prolonged lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
Despite the numerous court rulings in the past several months, the case remains ongoing due to the regulator’s appeal on a 2023 verdict, which ruled that the company’s XRP sales to retail investors on crypto exchanges did not violate securities laws.
However, the upcoming final results of the US presidential elections may reverse the asset’s negative trend. At least, that’s what X user Pepa believes. The analyst presented a chart showing that XRP’s price exploded to a new all-time high several months after Donald Trump secured a victory in the 2016 elections. Back then, he was running against the Democratic candidate Hillary Clinton.
The X user suggested that such a bullish scenario is possible again should the Republican step into the White House as a winner.
It’s worth noting that Trump promised to fire the SEC’s Chairman, Gary Gensler, on day one after becoming president. As mentioned above, the agency and its head have been at war with Ripple and many other crypto businesses. Changing the SEC’s leader to one who is more open to promoting innovation can positively impact the entire digital asset market.
Additional XRP Forecasts
EGRAG CRYPTO and Dark Defender also outlined bullish predictions. The former argued that XRP’s valuation has been following a so-called “bit frost bridge” in the last few years. The analysis suggests that continuing that trend would result in a price rally to as high as $0.90.
Dark Defender chipped in on November 4, claiming that XRP’s daily indicators are oversold while the daily trend is bullish. The analyst envisioned a bull run once the price surpasses the crucial resistance zones of $0.5286, $0.6044, and $0.6649.
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