XRP price rises as analyst sees a big Ripple bull run ahead

XRP’s price rose for two consecutive days as traders awaited the closely watched U.S. election, which could have significant implications for Ripple.

In another post, Dark Defender, an analyst with over 110,000 followers, argued that XRP could bounce back. Notably, the coin’s oscillators indicate the price is currently trading within the oversold zone. He expects the coin to rise to $0.5286, followed by $0.60 and $0.66.

Tuesday’s U.S. presidential election could impact XRP in a potential Donald Trump administration. Notably, a new Securities and Exchange Commissioner is more likely to end ongoing litigation, which represents a positive catalyst for XRP.

XRP price analysis

The daily chart shows that XRP formed a small double-bottom pattern at $0.4916, a pattern that often precedes a bullish breakout.

However, a risk remains, as XRP has formed a death cross, with the 200-day and 50-day Exponential Moving Averages crossing.

Additionally, Ripple has formed a double-top pattern at $0.6437, indicating the possibility of a bearish breakout in the near term. This view will be confirmed if XRP drops below the double-bottom level at $0.4916. Conversely, a move above $0.5300 could signal further gains, invalidating the double-bottom pattern.