Ripple’s XRP has been gaining attention as it experiences a 6% increase in a single day, hinting at the possibility of further price rallies. As the cryptocurrency market adjusts to the recent US presidential election outcome, some analysts believe that XRP could see significant gains in the near future, potentially reaching up to $0.65 if it successfully breaks through key resistance levels.

XRP Rebounds After Initial Election Reaction

Following the news of Donald Trump’s victory in the 2024 US presidential election, XRP did not initially mirror the strong price movements seen in many other cryptocurrencies. However, on November 7, XRP began to show signs of recovery, with the asset climbing 6% in 24 hours to reach nearly $0.57. As of now, XRP trades at approximately $0.55, marking a 7.5% increase over the past week, according to Coin Gecko data.

This rebound has caught the attention of market analysts, many of whom are speculating that XRP could continue its upward trajectory if it manages to break past the $0.55 resistance zone. The cryptocurrency is now facing an exciting period as it tests crucial price levels that could determine its next move.

Key Resistance and Potential for $0.65

Crypto analyst CRYPTOWZRD highlighted the potential for XRP to reach $0.65 if it can push past the critical $0.55 resistance. The analyst pointed to XRP’s “strong bullish” close on November 6 as an indication of positive momentum. If the token manages to hold above this resistance level, a rally towards $0.65 seems plausible.

One factor contributing to this optimism is the growing belief that political changes could favor XRP. Donald Trump, should he assume office, has promised to dismiss the current SEC Chair, Gary Gensler, on his first day in office. The SEC has been in a prolonged legal battle with Ripple since 2020, arguing that the company’s sale of XRP constitutes unregistered securities offerings.

The SEC Conflict and XRP’s Future

Many analysts believe that Trump’s proposed actions regarding the SEC, particularly his plan to remove Gensler, could provide XRP with much-needed momentum. The potential departure of Gensler, who has been a central figure in the SEC’s legal case against Ripple, might help restore confidence in XRP and potentially clear the regulatory path for the asset. This scenario has been echoed by cryptocurrency influencer Ben Armstrong (aka “Bit Boy”), who believes that the firing of Gensler could position XRP as one of the best-performing cryptocurrencies during Trump’s presidency.

“The possibility of Gensler’s removal could help XRP gain more confidence and make it a standout performer in the top 100 cryptocurrencies,” said Armstrong.

Additional Forecasts for XRP

Several other analysts are also bullish on XRP’s future, with some even predicting that the token could see astronomical gains. Brett, a well-known crypto market participant, believes that XRP could be poised for an exciting rally as the market enters what he calls the “most exciting phase of this cycle.”

Meanwhile, EGRAG CRYPTO, another popular XRP analyst, has drawn attention to a pattern in XRP’s price chart that resembles the “just do it” Nike logo. This pattern, according to EGRAG CRYPTO, could signal a future surge in XRP’s price, potentially pushing it to as high as $1.60 in the long term.

Aiming for $1 and Beyond

EGRAG CRYPTO also pointed to the importance of a solid weekly close above $1.10, suggesting that such a move could solidify XRP’s bullish momentum and establish a strong support level. If this happens, it’s possible that XRP may never drop below the $1 threshold again, according to the analyst.

As XRP continues to break past key resistance levels and navigate through market trends, its future looks promising, especially with potential political changes that could favor the asset.

Conclusion: A Bright Future for XRP?

While Ripple’s XRP has faced its share of challenges, particularly in its ongoing legal battle with the SEC, the outlook for the cryptocurrency seems more optimistic than ever. The asset’s recent price movements, combined with the growing potential for institutional adoption and political changes in the US, make XRP one to watch in the coming months.

With key resistance levels to watch, and political factors that could drastically impact the cryptocurrency’s future, XRP has the potential to break out, possibly reaching new heights beyond its current range. Traders and investors alike will be keeping a close eye on the coming weeks, as the unfolding political landscape and market trends could shape XRP’s price trajectory in unprecedented ways.