Following the US elections on November 6, XRP experienced a significant surge, increasing its value by 134% and surpassing the $1 mark for the first time in a while. This article examines the short-term and long-term prospects of this cryptocurrency.
XRP's Rapid Growth After a Prolonged Slump
Post-election, XRP demonstrated a 134% increase, reaching above $1 for the first time since December 2021. This impressive rise is attributed to heightened investor interest and intensified technical factors.
Technical Analysis and Price Consolidation
As of November 16, XRP's relative strength index (RSI) soared to 93, marking an overbought level not seen since March 2017. This is accompanied by a price consolidation, temporarily stabilizing above the crucial $1 mark, now serving as a support.
Long-term Prospects for XRP
Analysis of the weekly chart shows XRP may aim for long-term growth with potential gains up to 50% by 2025 if favorable conditions are met. Important factors include shifts in SEC leadership and approval of XRP-based ETFs.
XRP has proven its resilience with significant post-election growth. Short-term corrections are possible, but the long-term outlook remains optimistic if favorable factors are realized.
