XRP price movements have continued to follow a pattern of repetitive symmetrical triangle breakouts after the U.S. presidential elections.
Market analyst Mikkybull recently shared an XRP chart showcasing this correlation following Donald Trump’s win in the just-concluded election. Notably, XRP has revealed a historical tendency to experience massive upsurges following the elections.
The chart confirms that XRP forms a symmetrical triangle before each U.S. election and subsequently breaks out with notable price hikes after the election. This pattern played out in 2016 and 2020.
XRP’s Historical Patterns
Specifically, following the 2016 election on Nov. 8, XRP’s price initially dipped for about four months. However, by March 2017, XRP experienced an explosive breakout, propelling its price by an astonishing 60,000% to reach its all-time high (ATH) of $3.31.
Similarly, in 2020, the Nov. 3 election sparked a massive XRP rally. The price spiked 177% in the same month before succumbing to a sharp correction in December.
Analysts attribute this downturn to the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, which prompted a steep 66.97% decline in December 2020. Despite this setback, XRP rebounded to hit $1.96, registering a rally exceeding 700%.
XRP Eyes a Repetition
The 2024 presidential election concluded on Nov. 5. With pro-crypto candidate Donald Trump emerging victorious, market sentiment has shifted in favor of crypto assets. Some pundits, like BitBoy, already believe XRP could benefit from the forthcoming administration.
Following the latest election, Mikkybull expects the historical pattern to unfold, suggesting that XRP is on the brink of another breakout. This view is bolstered by the altcoin’s recent 22.46% gain in November.
Despite the slower-than-expected uptrend, the long-term pattern bolsters the possibility of a massive upward movement, possibly repeating its historical post-election trends. Nonetheless, Mikkybull chose not to provide any price targets for this upsurge.
XRP trades at $0.6113, with a $34.76B market cap and $2.82B twenty-hour volume. If History repeats and XRP surges by 700%, its price would reach approximately $4.89. If XRP surges 60,000%, its price would reach roughly $367.69.
Remaining optimistic, we might assume that XRP will only increase between 100% and 500% following this U.S. election. With this range, the new XRP price would be expected to range from $1.22 to approximately $3.67.
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