As the November 5 U.S. election voting day approaches, XRP prices are approaching key levels, and investors and analysts are keenly watching the potential impact of this major political event on the cryptocurrency market, especially XRP (XRP).
XRP Price Before US Election Day
The price of XRP has increased by 0.1% over the past 24 hours and is currently trading at $0.5072. Technical analysis shows that the asset is in a state of consolidation within a descending triangle. Despite being bearish, these types of setups can lead to bullish breakouts 32% of the time, which are usually explosive.
The cryptocurrency market is down 2.5% over the past 24 hours as Bitcoin continues to struggle below $68,500.
As the race between Donald Trump and Kamala Harris intensifies, the current XRP price reflects the market uncertainty. Data from the Polymarket prediction market shows that Trump could win with a lead of 59.3%. However, this is down from 67% last week. This has worried cryptocurrency investors and Trump supporters.
Buy XRP? Jim Cramer Says Kamala Will Win
Jim Cramer, a well-known American television personality and former hedge fund manager, said Monday's market movements showed that traders expected Kamala Harris to win.
“I’m not sure the market is correct about what a Harris presidency would mean for business, but at least now we have a blueprint for what Wall Street thinks it would mean,” he said.
Cramer is nicknamed the "living contrarian indicator" because all of his predictions have come true, just in the opposite direction, and with amazing accuracy.
The cryptocurrency market and XRP investors are now preparing to step up their game as they anticipate that Cramer’s contrarian prediction will be accurate once again.
XRP will rise as global liquidity increases
Historically, XRP has shown significant price spikes during periods of increased global liquidity. For example, during the 2017-2018 market cycle, XRP experienced a staggering 60,000% growth, reaching an all-time high of $3.31 in January 2018. Likewise, in the 2020-2021 cycle, XRP rose to $1.96 in April 2021 despite facing significant legal challenges.
With the cryptocurrency industry potentially shifting back toward a risk-on environment, XRP could be ready for another massive breakout. This shift can be seen in the surge in Bitcoin ETF inflows last week. These inflows were the main reason that drove the BTC price to $73,500.
Data from Soso Value shows that the total net assets of US spot Bitcoin ETFs are currently $67.44 billion, which means that US investors have purchased more than 986,000 BTC through ETFs. Investment interest in crypto assets will drive increased liquidity, thereby driving XRP prices to new highs.
XRP Price Analysis: Breakout Imminent?
XRP price action shows consolidation inside a descending triangle. There is an accumulation zone in the $0.40 to $0.55 range which has been acting as a strong support for a longer period of time, indicating accumulation by buyers at lower levels. The descending triangle indicates the presence of bearish pressure despite a strong support near $0.40.
The downtrend line between $0.55 and $0.60 is a major resistance. A break above it will be positive.
If the strong support near $0.40 is broken, a further decline to $0.30 is possible.
The US will announce its next president in the coming days, and the cryptocurrency market is in wait-and-see mode. The price of XRP is about to explode as increased global liquidity will enter the cryptocurrency market. Cramer said Kamala is likely to win, and investors are ready to enter the market because his predictions usually come true in reverse.
