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<p>Analyst Steph_iscrypto highlighted an intriguing pattern in XRP’s price movements, suggesting a correlation with historical <a href="https://captainaltcoin.com/us-election-2024-triggers-crypto-market-shake-up-blackrock-accumulates-bitcoin-sol-hits-10x-growth-and-more/" target="_blank" rel="noopener noreferrer nofollow">U.S. election</a> cycles. The price of XRP is approaching a “critical level” within a symmetrical triangle formation, suggesting a possible breakout, the analyst’s tweet noted.&nbsp;&nbsp;</p>
<p>At press time, <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP trades around $0.5329</a>. Besides, the analyst highlights that this could be a pivotal moment for the asset, particularly due to the US elections.</p>
<p><strong><em>Related: </em></strong><a href="https://captainaltcoin.com/heres-why-this-elite-analyst-believes-ripple-xrp-is-on-the-verge-of-a-breakout/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Here’s Why This Elite Analyst Believes Ripple (XRP) is on the Verge of a Breakout!</em></strong></a></p>
<p>The symmetrical triangle pattern on XRP’s macro chart by Steph signals prolonged price consolidation. This structure, which has taken shape since XRP’s peak in 2018, is marked by two converging trendlines.&nbsp;</p>
<p>The upper descending trendline acts as resistance, while the lower ascending line provides support. Such patterns often lead to breakouts that mirror the prevailing trend, pointing to a possible significant price movement.</p>
<p>The pattern also reflects diminishing volatility as XRP’s price compresses within the triangle. This “compression” phase suggests that momentum is building, with <a href="https://www.fxstreet.com/cryptocurrencies/news/xrp-could-rise-to-05608-despite-weak-on-chain-data-202411052205" target="_blank" rel="noopener noreferrer nofollow">XRP poised for a breakout</a> in either direction.&nbsp;</p>
<p>Steph_iscrypto’s analysis emphasizes that the upcoming U.S. election could act as a catalyst for this movement.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#XRP</a>'s price pattern is aligning with historic election cycles, signaling a potential breakout. <br> <br>With price compression reaching critical levels, a major move could be on the horizon! <a href="https://t.co/OeT7WqIpe1" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/OeT7WqIpe1</a></p>— STEPH IS CRYPTO (@Steph_iscrypto) <a href="https://twitter.com/Steph_iscrypto/status/1853822330117734869?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 5, 2024</a>
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<h3 class="wp-block-heading" id="strong-historic-election-cycles-and-price-correlation-strong"><strong>Historic Election Cycles and Price Correlation</strong></h3>
<p>Steph_iscrypto’s chart analysis correlates XRP’s price with past U.S. election cycles, marking 2016, 2019, and 2024 as key reference points.&nbsp;</p>
<p>Historical data shows that these dates have often led to notable price reactions, with <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> seeing upward movement shortly after the 2016 and 2019 elections. The 2024 election, coinciding with the triangle’s apex, is expected to influence <a href="https://u.today/xrp-rockets-7-after-bitcoin-sets-new-historic-high-whats-next" target="_blank" rel="noopener noreferrer nofollow">XRP’s price direction.</a></p>
<p>This alignment of XRP’s price movement and election cycles offers a unique perspective, suggesting that political events could influence the cryptocurrency market’s response. If history repeats, the approaching election might initiate another upward trend for XRP.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/cardano-ada-price-to-spike-50-if-this-key-resistance-breaks/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Cardano (ADA) Price to Spike 50% If This Key Resistance Breaks</em></strong></a></p>
<h3 class="wp-block-heading" id="strong-xrp-s-price-target-zone-strong"><strong>XRP’s Price Target Zone</strong></h3>
<p>The analyst’s chart identifies a potential target price zone around $9, indicated by an upward arrow. This target is calculated by measuring the widest part of the triangle and projecting it upward from the breakout point.&nbsp;</p>
<p>Should XRP break out from the upper trendline, this $9 level aligns with the historical breakout pattern. This potential target represents a considerable increase from XRP’s current price level, hinting at a substantial upside if the bullish trend prevails.&nbsp;</p>
<p>However, a failure to hold support within the triangle could lead XRP to test lower support zones, although the chart presents a strong case for a bullish outcome.</p>
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<p>The post <a href="https://captainaltcoin.com/xrp-price-pattern-aligns-with-previous-us-election-cycles-heres-the-next-target/" rel="noopener noreferrer nofollow">XRP Price Pattern Aligns With Previous US Election Cycles: Here’s the Next Target</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

XRP Price Pattern Aligns With Previous US Election Cycles: Here’s the Next Target

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