XRP Price Lies Near a Crucial Level as the U.S Elections Polling Day on November 5th Approaches

Investors and analysts are keenly observing the potential impact of this significant political event on the crypto market, particularly XRP (XRP).

The price of XRP is hovering around a critical level as the U.S. presidential election nears its conclusion. Investors and analysts are closely monitoring the potential impact of this major political event on the crypto market, especially XRP (XRP).

After a slight increase in the last 24 hours, XRP price is up by 0.1% and currently trades at $0.5072. Technical analysis indicates that the asset is consolidating within a descending triangle. Despite being bearish, these types of setups lead to a bullish breakout 32% of the time, which is usually explosive.

The crypto market is down by 2.5% in the last 24 hours, and Bitcoin continues to struggle below $68,500.

The current XRP price also reflects the uncertainty in the market as the race between Donald Trump and Kamala Harris tightens. Data from the Polymarket prediction market shows that Trump is likely to win with a lead of 59.3%. However, this is down from 67% last week, which has gotten crypto investors and Trump supporters excited.

Jim Cramer Tips Off XRP Investors As Markets Price In Kamala Victory

Popular American TV personality and former hedge fund manager Jim Cramer has stated that Monday's market action suggests that traders are expecting a Kamala Harris victory.

Jim Cramer says Kamala is going to win.

We all know what that means! ?

DJT will bring it home for crypto!

LFG ??

pic.twitter.com/co3Pp2lyOY

"I'm not sure the market is right about what a Harris presidency will do to business, but at least now we have a blueprint for what Wall Street thinks it'll mean," he added.

Cramer is also known as the 'living counter indicator' because all of his predictions have come to pass, only in the opposite direction, and with surprising accuracy.

The crypto market and XRP investors are now preparing to top up their bags as they expect Cramer's inverse predictions to hit the nail on the head once again.

XRP Set To Rally As Global Liquidity Surges

Historically, XRP has shown massive price surges during periods of increasing global liquidity. For example, during the 2017-2018 market cycle, XRP experienced a staggering 60,000% increase, reaching its all-time high of $3.31 in January 2018. Similarly, in the 2020-2021 cycle, XRP rallied to $1.96 in April 2021, despite facing major legal challenges.

With a potential shift back to a risk-on environment, which the crypto industry is a part of, XRP could be up for another major breakout. This shift is seen from the surging Bitcoin ETF inflows last week, which were largely responsible for driving the BTC price to $73,500.

Data from Soso Value shows that the total net assets for the U.S spot Bitcoin ETFs currently stand at $67.44 billion, indicating that American investors have purchased over 986,000 BTC via ETFs. This interest in gaining exposure to crypto assets will drive an increase in liquidity, propelling the XRP price to greater heights.

XRP Price Analysis: Breakout Coming Soon?

The XRP price action shows consolidation within a descending triangle. There is an accumulation zone around the $0.40 – $0.55 range, which has acted as strong support over an extended period, indicating buying at lower levels. The descending triangle suggests bearish pressure, although there is strong support around $0.40.

The above is the detailed content of XRP Price Lies Near a Crucial Level as the U.S Elections Polling Day on November 5th Approaches. For more information, please follow other related articles on the PHP Chinese website!