On November 5, U.S. Election Day, the price of XRP hovers at a crucial level. Traders and market observers closely monitor the potential impact of this significant political event on the cryptocurrency market, especially focusing on XRP.
XRP Price Movements
In the last 24 hours, the price of XRP has increased by 0.1%, trading at $0.5072. Technical analysis indicates that the asset is in a consolidation phase within a descending triangle. Historically, such bullish setups have produced upward breakouts approximately 32% of the time.
Impact of Global Liquidity
Historically, XRP has experienced significant price increases during periods of rising global liquidity. In the 2017-2018 market cycle, XRP reached its all-time high of $3.31 in January 2018 with a staggering 60,000% increase. Similarly, despite major legal challenges, it rose to $1.96 in April 2021 during the 2020-2021 cycle. Recent inflows into Bitcoin ETFs have driven BTC’s price to $73,500. According to Soso Value data, the total net assets of U.S. spot Bitcoin ETFs currently stand at $67.44 billion, indicating that American investors have purchased 986,000 BTC through ETFs. Increased interest in crypto assets can trigger liquidity growth, potentially pushing XRP prices to new levels.
XRP Price Analysis: Is a Breakout Approaching?
XRP’s price movements indicate consolidation within a descending triangle. The accumulation zone between $0.40 and $0.55 suggests that buyers are accumulating at lower levels. The descending triangle demonstrates strong support around the $0.40 mark despite bullish pressure. A declining trend line between $0.55 and $0.60 acts as a key resistance point. If this level is breached, a positive movement can be anticipated. However, if the strong support around $0.40 is broken, the price risks declining to around the $0.30 level. As the U.S. is set to announce its new president in the coming hours, the cryptocurrency markets have entered a wait-and-see mode. XRP’s price may rise based on the expected increase in global liquidity entering the crypto market. Cramer’s statement regarding Kamala’s potential win heightens interest in XRP, as traders typically expect contrary predictions to be correct.
Monitoring U.S. election results and global liquidity flows can be crucial for traders concerning XRP and the overall cryptocurrency market.
