XRP Bulls Eye $3 with Election-Driven Market Momentum
- Anlysts nticipt bullish trnd for XRP, noting historicl lction-linkd pric surg pttrn.
- Tchnicl indictors, including ATR nd MACD, signl incrsing trding intrst nd potntil upwrd momntum.
- XRP currntly trds t $0.5912, with crucil rsistnc lvl looming t $0.6533.
Th pric of XRP hs grnrd significnt ttntion in rcnt dys, with nlysts pointing towrds potntilly bullish trnd fuld by historicl corrltion with U.S. prsidntil lctions. This corrltion suggsts pttrn of pric surgs following victoris by pro-crypto cndidts.
XRP Primed for Election Rally
Mrkt nlyst Mikkybull rcntly shrd chrt highlighting this historicl connction. Th chrt dmonstrts rcurring pttrn: XRP forms symmtricl tringl bfor ch U.S. lction, followd by brkout with substntil pric incrss ftr th lction rsults r nnouncd. This pttrn mtrilizd in both 2016 nd 2020.
Following th 2016 lction, XRPs pric initilly dippd for svrl months. Howvr, by Mrch 2017, drmtic brkout proplld th pric by n stounding 60,000%, rching its ll-tim high (ATH) of $3.31. Similrly, th 2020 lction on Novmbr 3rd sprkd significnt rlly. Th pric surgd by 177% in th sm month bfor xprincing shrp dclin in Dcmbr. Exprts ttribut this drop to th SEC lwsuit ginst Rippl.
Th rcnt 2024 prsidntil lction concludd on Novmbr 5th, with victory for th pro-crypto cndidt. This hs fuld positiv sntimnt towrds cryptocurrncis, nd nlysts nticipt potntil rpt of th historicl pttrn obsrvd in prvious lctions. Mikkybull xpcts XRP to follow similr trjctory, suggsting nothr brkout is imminnt.
Adding to th bullish outlook, nlyst RipplLord prdicts tht XRP could mirror its 2017 prformnc. In 2017, it skyrocktd from $0.06 to its ATH of $3.84. Rippllord spcults tht if similr pttrn unfolds, XRP could rch consolidtion point round $3 bfor potntilly climbing to pk of $28.
Technical Indicators Signal Bullish Momentum
At th tim of writing, XRP is trding t $0.5912 nd pprs poisd to chllng crucil rsistnc lvl of $0.6533. Whil prvious ttmpts to surpss this lvl rsultd in pullbcks, rcnt gins nd incrsd trding volums suggst tht it my hv th strngth to brk through this tim. A succssful brch could opn th pth to th nxt trgt t $0.7463.
Furthr supporting th bullish outlook r ky tchnicl indictors. Th Avrg Tru Rng (ATR), msur of mrkt voltility, hs risn to 0.0217, signifying hightnd trding intrst nd th potntil for significnt pric movmnt. Additionlly, th Moving Avrg Convrgnc Divrgnc (MACD) displyd bullish crossovr, with positiv histogrm brs solidifying th cs for upwrd momntum. Ths indictors suggst tht XRPs bullish trnd could continu if it succssfully surpsss currnt rsistnc lvls.
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Text source: TronWeekly
