Highlights
XRP price on November 13 broke out of a four-month resistance level, establishing a high of $0.7362. Price has retraced to $0.7211 as market participants prepare for the next leg higher. The pump in price was likely initiated by Bitcoin after its sudden jump to a new all-time high of $93,477. As BTC hurtles toward $150,000, will the Ripple price breakout soar 5X?
Bitcoin has been on a tear since Donald Trump won the U.S. presidential elections on November 5. Consequently, the entire market is green, with the total market up 3% in the last 24 hours. Bitcoin is up 4.2% daily and is trading at $89,943. Market observers anticipate the king of crypto could reach $100,000 before the end of November.
Historically, 235 days after Bitcoin halving, the dominance hits a snag and begins to drop.
The altcoins, including XRP, will likely begin soaring during this time. At 208 days after the 2024 halving, BTC dominance could rise about a month before topping out, coinciding with the asset soaring to $100,000 or $150,000.
The chances of XRP price surging alongside BTC are high because the asset has just broken out of a four-month downward trend resistance. It is expected that XRP will rise and hit $1.15 as the first target, and beyond that, $1.5-$2.
Crypto analyst Egrag predicts that XRP will soar to $17 by the time Bitcoin reaches $100,000 and $27 by the time BTC hits $150,000.
His XRP/BTC pair analysis shows a horizontal support level since 2014. He notes that if the price breaks above 0.000010 with great volume, it would send the XRP price to a new high, as it previously happened in the 2015, 2017, and 2021 bull run cycles.
Ripple is gathering momentum as events unfold in the U.S. government that could lead to a price explosion. For instance, at the Bitcoin 2024 conference, President-elect Donald Trump promised to dismiss the current SEC chair from office once he’s officially inaugurated.
Gensler has been a stumbling block to many crypto projects, with Ripple being their chief. Ripple CEO Brad Garlinghouse confirmed a meeting with Donald Trump on November 13, information which excited the community and spurred the current XRP price breakout.
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