š„ Historical Data Hints XRP May Soar 700% to 60,000% Following U.S. Presidential Elections
XRP price movements have continued to follow a pattern of repetitive symmetrical triangle breakouts after theĀ U.S.Ā presidential elections.
Market analyst Mikkybull recentlyĀ sharedĀ an XRP chart showcasing this correlation following Donald Trumpās win in the just-concluded election. Notably, XRP has revealed a historical tendency to experience massive upsurges following theĀ 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.
Specifically, following the 2016 election on Nov. 8, XRPās price initially dipped for about four months. However, by March 2017, XRP experienced an explosive breakout, propelling its price by anĀ astonishing 60,000%Ā 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 Commissionās (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%.
šø XRP Eyes a Repetition
The 2024 presidential election concluded on Nov. 5. WithĀ pro-crypto candidate Donald TrumpĀ emerging victorious, market sentiment has shifted in favor of crypto assets. Some pundits, like BitBoy, alreadyĀ believeĀ 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 altcoinās 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.
