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

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.

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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.

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.

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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