As a seasoned researcher with over two decades of experience in the ever-evolving world of finance and technology, I find myself intrigued by the latest developments surrounding Ripple’s XRP. The potential for a bull run, as suggested by various analysts, is indeed enticing, but my personal perspective leans towards a blend of cautious optimism and pragmatic skepticism.
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?’
As an analyst, I must admit that while there has been a modest uptick in the past day, Ripple’s XRP is still struggling on a monthly basis compared to other top 10 cryptocurrencies. According to CoinGecko’s data, it’s currently trading at approximately $0.51, reflecting a 4% decrease over this timeframe.
Many market analysts, however, anticipate an imminent surge in XRP prices. One such analyst is EGRAG CRYPTO, who points out that the asset’s historical price movements resemble a “bitfrost bridge” pattern over the past years. If this trend continues, it could trigger a price spike reaching as high as $0.90, according to the analysis.
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 is maintaining its position above the crucial 50-cent mark, which serves as a strong support level. Meanwhile, it’s challenging the ongoing downward trend. The momentum for XRP is critical at this point, making every effort count. #XRP
— Crypto Rand (@crypto_rand) November 4, 2024
Volatility on the Way?
The outcome of the U.S. presidential election on November 5, between Donald Trump (Republican) and Kamala Harris (Democrat), could lead to significant fluctuations in the entire cryptocurrency market.
It appears that supporters of XRP are optimistic about the potential outcome, given his pledge to dismiss Gary Gensler as Chairman of the SEC, should he win. The SEC and its leader have been embroiled in disputes with numerous cryptocurrency businesses, including Ripple. Over the last few years, those who keep tabs on the crypto industry will likely recall that these two entities have been engaged in a lawsuit since 2020, marking a prolonged period of conflict.
If Gensler is removed, it could lead to a different stance by the regulatory body regarding the Ripple case, as a fresh chairman may prioritize less confrontational approaches in enforcing regulations.
Despite this, numerous crypto supporters were puzzled when Chris Larsen, one of the company’s co-founders, donated $10 million in XRP to Harris’ campaign. It was thought that the Democratic candidate would have a significantly different approach toward the industry compared to her predecessor, Joe Biden.
Harris’ administrative style is rooted in the global epicenter of innovation, the Bay Area – a region that has birthed more trillion-dollar companies than any other location globally. She understands this. Having been raised here and knowing individuals who established these successful ventures, I am very optimistic that her approach to crypto will be unlike the unsuccessful policies implemented by Biden’s administration in this area,” Larsen emphasized.
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2024-11-05 09:08