The U.S elections are underway and XRP price is witnessing increased volatility after Trump odds skyrocketed to an all-time high. According to a leading analyst, the election results could significantly disrupt the crypto landscape, potentially leading to huge price swings in 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?
Crypto analyst Ran Neuner said on his YouTube channel that the U.S elections could break crypto. According to Neuner, the elections are creating significant volatility in the crypto space with Bitcoin showing huge fluctuations.
He further highlighted that if Trump wins, the market anticipation is a bullish reaction for Bitcoin and altcoins. True to his words, Bitcoin price surpassed its all-time high as Trump odds on the Polymarket predictions market shot up to over 94%. Predictions suggest Bitcoin price could run up to $90,000 or higher after the election, and altcoins like XRP would also surge.
However, if Kamala Harris wins, the market could enter a phase of panic selling, especially in altcoins, with investors moving their fund into BTC and ETH, or out of the market entirely.
Either way, the 2024 U.S elections will have a huge impact on the crypto space, and could potentially, ‘break’ the crypto markets.
XRP Price Prediction For November 6
Following Trump’s win in Georgia, His odds increased to 94.3% on Polymarket. Subsequently, BTC price established a new all-time high price. Altcoins such as Solana, Dogecoin and XRP price also jumped.
The recent price increase has pushed XRP out of a falling channel, which is a bullish reversal signal. The next immediate resistance for Ripple price is at $0.56, which is 4.2% away. Beyond that XRP price could surge 24% to retest $0.66, which also happens to be the top of a multi-month range. A break above this could send the asset to $0.73 and above that, create a new yearly high.
An analysis of the XRP liquidation map on Coinglass shows there are currently more Long Liquidation leverage trades than Shorts. With $40 million worth of Longs versus 15 million Shorts, XRP traders are bullish on the asset as the imbalance shows they anticipate price to increase in the coming days.
Further analysis of the LM shows there is strong support around $0.5 and $0.52 and $0.492. This means bears will have a hard time breaking below these levels. On the flip side, the only major resistance level nearby is the $0.542, after which, the price could quickly rally to $0.66.
Why Trump Winning Is Good For Ripple Price
There is a range of reasons why a Trump win would be phenomenal for Ripple price. One of the top reasons would the re-shuffling of the SEC leadership which would bring favorable regulations to the crypto world and to Ripple.
Hester Peirce (AKA Crypto Mom) is rumored to be the top pick to replace Gary Gensler SEC Chair if Donald Trump becomes the next president of the United States of America.
JUST IN – Hester Peirce (Crypto Mom) is rumored to be the top pick to replace Gary Gensler SEC Chair under Donald Trump. pic.twitter.com/p3N1fW7KKV
— Altcoin Daily (@AltcoinDailyio) November 5, 2024
Furthermore, there is likely to be wider adoption and approval of Crypto ETFs under Trump administration. Bitwise has already filed for an XRP ETF while Canary Capital has filed for a Solana ETF. These are likely to be approved under a pro-crypto government.
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