XRP’s intraday high of $0.52 on Nov. 5 was a 5% gain on the month’s low, but the cryptocurrency is still down 23% from last month’s peak. Ripple’s outlook awaited the upcoming U.S. election, or an impending cryptocurrency crackdown by the nation; and thus helped push XRP prices up for a second consecutive day.
Analysts See Bullish Potential for XRP Amid Legal and Election Factors
Crypto analysts say Ripple could go higher. Ripple could be on the cusp of a new bull phase, according to Analyst Brett, who has 58,000 followers on x. Like Dark Defender had over 110,000 followers, XRP’s current oversold status and its potential to rise to $0.5286, $0.60, and $0.66 mentioned it. XRP/ETH echoed this, with one analyst spotting an inverse head and shoulders appearing on the chart and noting that the bear situation was ‘oversold’.
They come after Ripple Labs’ third quarter report, which cited the continuing SEC litigation as a primary hurdle and an uptick in interest from institutions in Ripple. Companies like Bitwise, Canary and 21Shares have filed filings for Ripple ETFs, which means it could be growing.
A Trump administration could appoint a new SEC Commissioner who would end Ripple’s legal battle, which could rally Ripple, while the U.S. election result itself might also help Ripple.
XRP has recently formed a double bottom at $0.4916 on technical charts, sometimes a bullish signal, and is exposed to a ‘death cross’ as its 200-day and 50-day EMAs cross each other. There is also a double top pattern at $0.6437, and if Ripple slips to $0.4916 then a bearish trend might be taking hold. Though that double bottom would potentially nullify it, rising above $0.5300 could mean that it had pierced above that.
