XRP Value Reaches Monthly Peak – Is the Route to $10 Now Unobstructed?

A victory for Trump seems to have created considerable momentum for the XRP price, lifting it from its recent period of stagnation. Nevertheless, today’s market activity experienced a slight decline, dropping by 0.84%.

Traders should remain cautious, as a slowdown or minor correction is anticipated and can be considered healthy, especially following the rapid 5.59% increase observed in recent days.

While the initial surge in interest has diminished, with trading volume decreasing by 28% to $1.4 billion today, XRP’s upward trend appears to be ongoing. This pause may serve as a necessary breather before the next upward movement.

Trump Wins Election: Is SEC Burden Lifted for XRP?

Trump’s win signifies a pivotal moment for the cryptocurrency sector, particularly for XRP, which was recently pulled back into legal ambiguity by the Securities and Exchange Commission (SEC) when it filed an appeal against Ripple last month.

The new administration is anticipated to shift away from the widely criticized “regulation by enforcement” strategy regarding crypto assets under Chair Gary Gensler.

Donald Trump:
“Let me say it again. On Day 1, I will Fire Gary Gensler.”
SEND IT pic.twitter.com/eYru8pwPah

— yourfriendSOMMI (@yourfriendSOMMI) November 6, 2024

It is not only probable that the SEC will struggle with its appeal, but Trump’s return to the presidency may pave the way for an XRP ETF. This could serve as a significant fundamental driver for the altcoin, similar to how ETFs have supported Bitcoin.

By alleviating the burden that XRP has faced since 2020, when the SEC first targeted Ripple, the pathway appears to be clear for a new peak.

XRP Price Analysis: Is the Path to $10 Finally Clear?

This burden has taken the form of a 4-year symmetrical triangle pattern, which XRP now seems ready to break.

XRP / USDT 1D chart, 4-year symmetrical triangle pattern. Source: Binance.

On the daily chart, the pattern appears to be evolving as anticipated. After testing support at $0.4890, the XRP price has held this level and moved towards the upper resistance of the pattern, although it faced rejection at $0.56.

This pullback seemed unavoidable as the rapid rally caused the Relative Strength Index (RSI) to near overbought levels at 70, before correcting to a more neutral, yet still optimistic, 63 to maintain momentum.

This sentiment is mirrored by the MACD, which continues to show a strong crossover above the signal line, a movement that has historically led to significant increases in the XRP price.

Consequently, the $0.56 resistance is unlikely to pose a challenge for long, particularly as the 50SMA and 200SMA now serve as potential support, aiming for the upper resistance of the pattern.

Examining the weekly chart, conditions seem to be improving as well. Although the MACD has not yet confirmed a crossover, it appears to be on track to do so.

XRP / USDT 1W chart, pattern breakout target. Source: Binance.

The resistance at $0.61, coinciding with the recent 200SMA resistance, seems to be the target breakout area. If the pattern unfolds as expected, a conservative price target of $2 appears plausible by the end of the year.

However, with potential fundamental catalysts aligning in its favor, the sought-after $10 valuation does not seem overly ambitious as we approach 2025.

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