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

The price of XRP rose for two consecutive days as investors awaited the closely watched US elections, which could have significant implications for Ripple.

Ripple (XRP) rose 5% from this month’s low to an intraday high of $0.52 on November 5. However, it remains in a local bear market, down 23% from its October high.

Some crypto analysts believe that XRP has further upside potential. Crypto analyst Brett X, who has 58,000 followers, stated in his post that the cryptocurrency may be on the verge of a new bull run.

Dark Defender, an analyst with more than 110,000 followers, argued in another post that XRP could make a comeback. Notably, the coin’s oscillators indicate that the price is currently trading in the oversold zone. He expects the coin to rise to $0.5286, followed by $0.60 and $0.66.

Hello everyone, we closed the October candle. $XRP It bounced back from our support level.

Daily indicators are oversold; The daily trend is upward.

Watch out for support lines as weekly and monthly trends are still in the red.

Resistances: $0.5286, $0.6044, $0.6649… pic.twitter.com/6nkQztC3Kx

— Dark Defender (@DefendDark) November 4, 2024

Another popular crypto analyst said that the XRP/ETH price has formed an inverse head-and-shoulders pattern on the four-hour chart and is at an oversold level.

These predictions for XRP came shortly after Ripple Labs released its third quarter report, citing the SEC case as a major hurdle. The report also highlighted institutional interest in XRP, with companies such as Bitwise, Canary, and 21Shares applying for Ripple ETFs.

Tuesday’s US presidential elections could impact XRP under 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 XRP chart from TradingView

The daily chart shows XRP forming a minor double bottom pattern at $0.4916; This formation usually precedes a bullish breakout.

However, risk remains as XRP forms a death cross with the intersection of the 200-day and 50-day Exponential Moving Averages.

Additionally, Ripple formed a double top formation at $0.6437, indicating the possibility of a bearish breakout in the near term. This view will be confirmed if XRP breaks below the double bottom at $0.4916. Conversely, a move above $0.5300 could invalidate the double bottom pattern and signal more gains.