XRP price remains at a critical level on US election day, November 5. Investors and analysts are closely watching the potential impact of this major political event on the crypto market, especially on XRP.
XRP Price Movements
In the last 24 hours, the price of XRP is trading at $0.5072, up 0.1%. Technical analysis shows that the asset is in a consolidation phase within a falling triangle. We know that such bullish setups have about a 32% probability of producing upside breakouts.
Jim Cramer, a well-known name on American television and former hedge fund manager, stated that Monday’s market movements show that investors expect Kamala Harris to win.
“I think Kamala will win. We all know what this means! DJT will be back for crypto!”
Impact of Global Liquidity
Historically, XRP has experienced notable price increases during periods of increased global liquidity. In the 2017-2018 market cycle, XRP gained 60,000%, reaching an all-time high of $3.31 in January 2018. Similarly, it rose as high as $1.96 in April 2021 despite significant legal challenges in the 2020-2021 cycle.
Bitcoin increasing in recent weeks 
$68,797 ETF flows pushed the BTC price to $73,500. According to Soso Value data, the total net assets of US spot Bitcoin ETFs currently stand at $67.44 billion, meaning American investors have purchased 986,000 BTC through ETFs. Increasing interest in crypto assets may trigger an increase in liquidity, pushing the XRP price to new levels.
XRP Price Analysis: Is the Boom Approaching?
XRP’s price movements indicate consolidation within a falling triangle. The presence of an accumulation zone between $0.40 and $0.55 indicates that buyers are saving at lower levels. The descending triangle shows strong support near $0.40 despite the bullish pressure.
The falling trend line between $0.55 – $0.60 is acting as the main resistance point. If this level is exceeded, a positive movement can be expected. However, if the strong support around $0.40 is broken, there is a risk that the price will drop to $0.30 levels.
Crypto markets have gone into waiting mode as the USA will announce its new president in the coming hours. It is conceivable that the price of XRP will rise based on the increased global liquidity expected to enter the crypto market. Cramer’s statement that Kamala will win increases interest in XRP, with the expectation that investors’ negative predictions will often turn out to be true.
It may be important for investors to closely monitor US election results and global liquidity flows for XRP and the crypto market in general.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
