XRP price lies near a crucial level as the U.S elections polling day on November 5th approaches Investors and analysts are keenly observing the potential impact of this significant political event on the crypto market, particularly XRP (XRP).
XRP Price Ahead of U.S Election Day
The price of XRP has increased by 0.1% in the last 24 hours and is trading at $0.5072. Technical analysis shows the asset is in a consolidation within a descending triangle. Albeit bearish these types of setups can result in a bullish breakout 32% of the time, which is usually explosive.
The crypto market is down 2.5% in the last 24 hours as well as Bitcoin continues to struggle below the $68,500.
The current XRP price reflects the uncertainty in the market as the race between Donald Trump and Kamala Harris tightens. Data from the Polymarket predictions market shows Trump is likely to win with a 59.3% lead. However, this is a drop down from 67% last week. This has crypto investors and Trump-supporters worried.
Buy XRP? Jim Cramer Says Kamala Will Win
Popular American TV personality and former hedge fund manager Jim Cramer said that Monday’s market action suggests traders expect a Kamala Harris win.
Jim Cramer said Kamala is going to win.
We all know what that means! 🤡
DJT will bring it home for crypto!
LFG 🚀🚀 pic.twitter.com/co3Pp2lyOY
— Sasha Hodder (@sashahodler) November 5, 2024
“I’m not sure the market’s right about what a Harris presidency would mean for business, but at least now we have a blueprint for what Wall Street thinks it’ll mean,” he said.
Cramer has been nicknamed the ‘living counter indicator’ because all of his predictions have come to pass, only in the inverse, and with stunning accuracy.
The crypto market and XRP investors are now getting ready to top up their bags as they anticipate Cramer’s inverse predictions will once more hit the nail on the head.
XRP to Rally As Global Liquidity Increases
Historically, XRP has demonstrated remarkable price surges during periods of increased global liquidity. For instance, during the 2017-2018 market cycle, XRP experienced a staggering 60,000% increase, reaching its all-time high of $3.31 in January 2018. Similarly, in the 2020-2021 cycle, XRP rallied to $1.96 in April 2021, despite facing significant legal challenges.
With a potential shift back to a risk-on environment that is the cryptocurrency industry, XRP could be ready for another massive breakout. This shift has been observed from the surging Bitcoin ETF inflows witnessed last week. These inflows were majorly responsible for driving the BTC price to $73,500.
Data from Soso Value shows the total net assets for the U.S spot Bitcoin ETFs is currently $67.44 billion, meaning American investors have bought over 986,000 BTC through ETFs. This interest in exposure to crypto assets will drive an increase inn liquidity that will propel XRP price to new heights.
XRP Price Analysis: Breakout Imminent?
XRP price action shows consolidation within a descending triangle. There is an accumulation zone around the $0.40 – $0.55 range, which has served as strong support over an extended period, suggesting accumulation by buyers at lower levels. The descending triangle indicates bearish pressure, although there’s a strong support around $0.40.
The descending trendline around $0.55 – $0.60 acts as the primary resistance. A breakout above this would be bullish.
If the strong support around $0.40 is broken, further downside could be seen towards $0.30.
The U.S. will be revealing its next president in the coming days, and crypto markets are in a holding pattern. The price of XRP is ready to explode, banking on the increased global liquidity entering the crypto market. Cramer has said Kamala is likely to win, causing investors to prepare for entry as his predictions usually fulfill in the inverse.
Frequently Asked Questions (FAQs)
The outcome of the U.S. election may affect market sentiment and liquidity, leading to potential volatility in XRP’s price.
Jim Cramer suggested traders anticipate a Kamala Harris win. Historically, some traders consider his predictions a counter-indicator and prepare accordingly.
A breakout above $0.60 could signal bullish momentum, while a drop below $0.40 could lead to further downside, potentially to $0.30.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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