As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I have witnessed numerous events that shaped the global economic landscape. The U.S elections are no exception to this rule, and their impact on the crypto market, particularly XRP, is something I find intriguing.
The 2020 U.S elections are currently taking place and the value of XRP is experiencing heightened fluctuations following a surge in Trump’s chances to an unprecedented peak. As per a top analyst, the election outcomes might cause substantial changes within the cryptocurrency market, possibly resulting in significant price fluctuations for XRP.
The price of XRP jumped 5.3% in the last 24 hours to trade at $0.5337 after Bitcoin gained momentum and broke its previous all-time high. BTC price is up 9.3% in the same duration and is currently trading at $74,722.
Will U.S Elections Break Crypto And XRP Price?
Crystalized expert Ran Neuner expressed on his YouTube platform that the upcoming U.S elections might stir up turmoil within the crypto market. In his viewpoint, these elections have been causing considerable volatility in the cryptocurrency sphere, as evidenced by Bitcoin’s notable price swings.
As an analyst, I’ve observed that if Trump secures victory in the upcoming elections, there seems to be a general market anticipation indicating a bullish trend for Bitcoin and other cryptocurrencies. Interestingly, this prediction appears to be materializing as Trump’s odds on the Polymarket predictions market have risen significantly, surpassing 94%. The potential impact of this event could drive Bitcoin’s price towards an all-time high of $90,000 or even higher. Similarly, altcoins such as XRP are also expected to experience a surge following the election.
If Kamala Harris should emerge victorious, there’s a possibility that markets may experience a wave of selling, particularly in altcoins. Investors might choose to shift their funds towards Bitcoin (BTC) and Ethereum (ETH), or even exit the market altogether due to uncertainty.
Regardless of the outcome, the 2024 U.S elections are likely to significantly influence the cryptocurrency sector, possibly even causing volatility that could destabilize the market.
XRP Price Prediction For November 6
After Donald Trump’s victory in Georgia, the probability of his success on Polymarket rose to 94.3%. Consequently, Bitcoin set a new record high price. Furthermore, the value of alternative cryptocurrencies like Solana, Dogecoin, and Ripple also surged.
The latest rise in XRP’s price has caused it to break free from a downward trend, indicating a potential bullish reversal. Immediately ahead, the resistance for Ripple lies at approximately $0.56, representing a 4.2% increase. If this level is surpassed, XRP could potentially surge by 24%, aiming for $0.66 once more. A breach above this price point could lead to a new high of $0.73 and potentially beyond, establishing a new annual peak.
According to a study of the XRP liquidation layout on Coinglass, there are currently more positions with long leverage trades than short ones. With approximately $40 million invested in long positions compared to $15 million in short positions, it appears that XRP traders are optimistic about the asset as the disparity suggests they expect its price to rise over the next few days.
Analyzing the LM reveals significant strength at approximately $0.5 and $0.52, as well as $0.492. This suggests that bears may find it challenging to push the price below these points. Conversely, the closest notable resistance lies around $0.542. Once this level is surpassed, the price might swiftly escalate towards $0.66.
Why Trump Winning Is Good For Ripple Price
As a researcher, I find myself intrigued by the potential impact a Trump administration could have on the price of Ripple. A significant factor in this scenario is the possible reshuffle within the Securities and Exchange Commission (SEC), which might bring regulations more favorable to the crypto sector and Ripple specifically.
It’s been speculated that, should Donald Trump win the presidency of the USA again, Hester Peirce (also known as “Crypto Mom”) could potentially take over from Gary Gensler as the Chairman of the Securities and Exchange Commission (SEC).
Latest Update: There’s talk that Hester Peirce, affectionately known as “Crypto Mom,” could take over from Gary Gensler as SEC Chair, should she be appointed by former President Donald Trump.
— Altcoin Daily (@AltcoinDailyio) November 5, 2024
It’s anticipated that the Trump administration may see a broader acceptance and endorsement of Crypto Exchange Traded Funds (ETFs). Already, Bitwise and Canary Capital have submitted applications for an XRP ETF and a Solana ETF respectively. Given the administration’s pro-crypto stance, it’s reasonable to expect that these applications will be favorably considered.
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2024-11-06 09:52