- XRP soared 60,000% to $3.31 after the 2016 election, marking its all-time high.
- Following the 2020 U.S. election, XRP spiked 177% within the same month.
- XRP displays a consistent pattern of post-election surges, evident in 2016 and 2020 cycles.
The previous data analysis shows that the XRP price intermittently draws symmetrical triangle patterns before the U.S. presidential elections and has a significant price breakout after the elections.
Crypto analyst Mikkybull’s observation of this historical pattern has not gone unnoticed within the crypto community, especially after the just-ended 2024 election, in which Donald Trump won. Whether XRP will replicate its previous election-based uptrends, potentially pushing its price to new heights.
XRP’s Symmetrical Triangle Pattern Before U.S. Elections
Mikkybull also pointed out that in the months before the U.S. presidential elections, XRP formed symmetrical triangles. A symmetrical triangle is a chart pattern in which several lower highs and higher lows are joined together. This pattern indicates that a price breakout may occur once the price action breaks out of a triangle pattern.
XRP appeared in a similar symmetrical triangle pattern in the 2016 and 2020 elections for the EU. The triangle formation was formed before the November election 2016, and XRP first fell before rising rapidly in March 2017. This breakout further led to an astronomical surge of 60,000 percent in XRP price to an all-time high of $3.31.
A similar triangle was created in the 2020 election cycle, and XRP burst in November, rising by 177% within the same period. However, the breakout was short-lived as the events escalated when the SEC filed a lawsuit against Ripple in December 2020, increasing the decline to 66.97%. Nevertheless, XRP had a rebound pattern back to $1.96, a more than 700% increase.
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Potential for Another Breakout After the 2024 Election
With the 2024 election concluded and Donald Trump back in office, market sentiment favors crypto assets, particularly XRP. Analysts are eyeing another potential breakout, as XRP’s recent symmetrical triangle formation mirrors those seen in previous election cycles. XRP registered a 22.46% gain in November 2024, hinting at a possible continuation of its historical post-election trend.
If XRP followed its 2016 pattern, a 60,000% surge would bring its price close to $367.69, exceeding its previous all-time high by a significant margin. However, based on the 2020 post-election performance, a more conservative estimate suggests a possible 700% gain, pushing XRP’s price to around $4.89. More moderate projections, based on anticipated gains between 100% and 500%, indicate potential prices ranging from $1.22 to $3.67.
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