XRP is capturing investor attention as its price movement aligns with previous U.S. election year trends, suggesting a potential for significant gains post-election. Analysts highlight that XRP shows signs of price compression and consolidation, suggesting it could be primed for a breakout with a target of surpassing the $1 mark, a threshold it has not reached since its regulatory battle with the SEC began.
Source:@Steph_iscrypto
Typically, the price of XRP has mimicked the events of the 2016 and 2020 U.S. presidential elections with price compression and higher lows to support the prices. As the election activity of the 2024 election year has already begun, such trends raise incipient hopes among analysts who expect that, as has been the case in other election years, the period after the election may also be a period of rapid growth. This pattern has triggered expectations for XRP to rise above the $1 level, similar to post-election strength.
Also Read: XRP Faces Crucial Period Amid Ripple’s SEC Litigation and Political Changes
Growing Institutional Confidence and ETF Applications Drive Momentum
To this technical optimism, we can factor in growing institutional interest and, most importantly, the recent regulatory efforts put in place. Now, there are reports of several investment firms, including Bitwise, 21Shares, and Canary, that have applied for XRP-focused ETFs; this shows a strategic shift in focus to the mainstream financial products anchored on XRP. It will propose new ETFs to make XRP readily available to institutional investors, attracting massive capital to Ripple.
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Moreover, an announcement from the court about the non-security status of XRP has inspired the exchanges in the United States to relist it and expanded opportunities for XRP owners to invest in it. These reliefs have provided certainty for broader market access where U.S.-based exchanges have returned to XRP trading. One of the critical pieces of news is the launch of XRP futures by Bitnomial, as it adds more choices in trading and may lead to increased investment.
Despite an ongoing SEC appeal, analysts suggest XRP’s recent regulatory victory could establish longer-term stability, encouraging continued growth. With increased liquidity and a pathway for more institutional products, XRP’s future appears poised for expansion as market participants prepare for potential post-election momentum.
In conclusion, as the 2024 U.S. election concludes, XRP’s alignment with historical trends and expanding institutional interest provide a promising backdrop for a potential price surge. Should these factors hold, XRP may surpass the critical $1 mark, signaling a new phase for the asset in both retail and institutional markets.
Also Read: Ripple’s Escrow Mechanism Clarified as XRP Holdings Decline Amid Decentralization Push
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.