XRP could rally to $0.90 as election nears
Ripple’s cryptocurrency XRP (CRYPTO:XRP) is facing critical resistance points that could drive its price toward $0.90 if surpassed, according to market analysts.
Based on data from CoinGecko, XRP has seen a 4% decrease over the past month.
However, some analysts believe potential growth may still be on the horizon.
Market observer EGRAG CRYPTO suggested that XRP’s price pattern aligns with a formation known as the “bitfrost bridge,” which could signal a price increase if it holds.
Similarly, analyst Dark Defender noted that XRP’s daily indicators appear oversold with a bullish trend, suggesting a significant price movement may occur if it exceeds resistance levels at $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 commented.
Crypto analyst Crypto Rand also weighed in, describing the current conditions for XRP as a “do or die momentum,” underscoring the potential for volatility around key events, particularly the U.S. presidential election.
The upcoming election between Donald Trump and Kamala Harris may affect regulatory conditions that impact XRP, with potential policy shifts tied to each candidate.
Trump has stated that he would remove current SEC Chair Gary Gensler if elected, a decision that could influence the agency’s ongoing legal case with Ripple.
Meanwhile, Ripple’s co-founder Chris Larsen recently made a $10 million donation in XRP to Harris’s campaign.
Larsen expressed optimism that Harris’s potential administration may adopt a different approach to cryptocurrency regulations, considering her ties to the Bay Area technology sector.
“The DNA of Harris’ administration is from the world capital of innovation – the Bay area...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.
At the time of reporting, the XRP price was $0.5030.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum ETFs Gain Traction as Michigan Pension Fund Buys $10M Stake
Key Indicators Turn Bullish, Bitcoin Poised for a Market Upsurge
Decentralized AI orchestration platform Naptha AI completes $6 million Pre-Seed round of financing