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Many analysts expect Ripple’s XRP bull run to lead to massive growth, giving Ethereum and Bitcoin a run for their money.
Several experts suggest that the possible price rally of XRP can be attributed to Donald Trump winning the US election, a political event that brought great excitement to the cryptocurrency sector.
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XRP: 700% Price Increase
Analysts say that XRP may be on the verge of a potential price rally based on the history of price movements after the election.
They predicted that the price could increase by 700% to around $4.89 per coin if history repeats itself.
Currently, the crypto is traded at $0.6113 with a total market capitalization of $34.76 billion and a 24-hour volume of $2.82 billion.
Market analysts say they believe XRP will benefit the most from the positive sentiment brought by pro-crypto administration Donald Trump.
According to analysts, they see a potential price increase for the digital currency due to a long-term pattern in its price movement and a possible repetition of the coin’s post-election trends.
However, some market observers decided not to reveal any price target for the expected rise of XRP.
Meanwhile, some analysts suggested that the most optimistic forecast for the post-election rally would be growth between 100% and 500%, saying the price of XRP would be between $1.22 to $3.67 per coin.
Historic Price Rally
Analysts studied the price movements of XRP in the last US election, saying that after the US election of 2016, the price of the digital asset fell in the next four months after the election vote.
However they noted that after the initial price dip, the altcoin had a massive price rally that made the coin rise 60,000% and reach a record high of $3.31, an event that is not far off yet.
If XRP can increase by 60,000% again after the election, it will reach the level of $367.
$XRP great acceleration is coming
Look at past elections and see what’s next. pic.twitter.com/ufcqC8v5Y5
– Mikybull 🐂Crypto (@MikybullCrypto) November 8, 2024
Likewise, in the 2020 election, XRP experienced a massive 177% price increase, coinciding with the same month of the 2016 breakout before a correction in December.
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Crypto Dark Defender analyst suggested that as of November 24, XRP may have a major bull run using Bitcoin’s historical patterns.
Another analyst, 360Trader agrees with Dark Defender on XRP’s bullish outlook, explaining that the coin’s extended price stability could fuel the rally.
360Trаdеr added that an indication that XRP is building momentum for a bull run is continued price stability.
Mikybull Crypto said XRP is poised for another price rally, expressing his confidence in the cryptocurrency’s prospects following notable price rallies during the previous election.
Featured image from Pexels, chart from TradingView