Donald Trump's victory in the November elections triggered a sharp increase in the value of Bitcoin and XRP. These cryptocurrencies were among the most benefited from this event.
Achievements of Bitcoin and XRP
As a result of the post-election rally, Bitcoin reached new highs over $108,000. XRP also showed significant growth, rising to the $3 mark. Although XRP failed to firmly surpass $3, it increased by more than 350% since November.
Market Analysis by Omkar Godbole
Market analyst Omkar Godbole noted that XRP's bullish trend is not yet over. Analyzing the XRP chart, he pointed to the formation of a 'descending triangle' from its peak at $2.9 in early December.
XRP Projections
The analysis suggests that if a breakout occurs to the upside, the XRP price could continue its upward trend and increase by 40% or more. This could signal the resumption of the previous bull run from lows near $0.5 seen early last November. However, if the price breaks downward, crossing below the horizontal support line around $2.00, all bullish projections would be void.
XRP continues to trade at $2.32 at the time of writing, showing potential for further growth. However, different outcome scenarios should be considered, which might influence the future price dynamics.
