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XRP’s price gained momentum over two consecutive days as traders looked ahead to the highly anticipated U.S. election, which could have major implications for Ripple. On Nov. 5, XRP reached an intraday high of $0.52, marking a 5% increase from its lowest point this month. Despite this, the token remains in a local bear market, having dropped 23% from its October peak.
Some crypto analysts are optimistic about XRP’s potential for a rebound. Brett, a crypto analyst with 58,000 followers, suggested in an X post that XRP may be on the verge of a new bull run. Similarly, Dark Defender, an analyst with over 110,000 followers, pointed to XRP’s current oversold condition, as indicated by its oscillators, and predicted a potential rise to $0.5286, with further targets of $0.60 and $0.66.
Another analyst also noted that the XRP/ETH price chart had formed an inverse head-and-shoulders pattern on the four-hour time frame, signaling a potential price reversal from oversold levels.
These bullish forecasts follow Ripple Labs’ release of its third-quarter report, which cited the ongoing SEC lawsuit as a significant hurdle. However, the report also highlighted increasing institutional interest in XRP, with companies like Bitwise, Canary, and 21Shares filing applications for Ripple ETFs.
The upcoming U.S. presidential election, set for Tuesday, could further influence XRP’s price, particularly in the event of a Donald Trump administration. A new Securities and Exchange Commissioner could potentially help resolve the ongoing legal battle with the SEC, which would be a positive catalyst for Ripple and XRP’s future prospects.
XRP price analysis
The daily chart for XRP reveals the formation of a small double-bottom pattern at $0.4916, which is often seen as a precursor to a bullish breakout. However, risks remain as XRP has also formed a death cross, with the 50-day and 200-day Exponential Moving Averages crossing each other, signaling potential bearish pressure.
In addition to this, a double-top pattern has emerged at $0.6437, suggesting the possibility of a bearish breakout in the short term. This bearish outlook would be confirmed if XRP drops below the $0.4916 double-bottom level. On the other hand, a price move above $0.5300 could signal further upward momentum, potentially invalidating the double-bottom pattern and pointing to more bullish potential for XRP.
