There is a remarkable movement in the altcoin market. XRPformed a “descending triangle” formation in technical analysis, and it is stated that in case of an upward break from this formation, the price may rise up to 40 percent. With Donald Trump winning the US Presidential election, the price of XRP has risen over 300 percent since November.
Descending Triangle Formation and Bullish Expectation
price of XRPAt the beginning of December, it fell from levels close to $2.9, forming a “descending triangle” formation, which is a formation that often indicates a decline in technical analysis. The formation consists of a horizontal support line and a downward sloping resistance line. However, according to technical analysis theories, upward breaks are generally more profitable and reliable.
cryptocurrency analyst Omkar Godbole In his analysis, “If the price rises above the resistance line, we can see the continuation of the rise that started at the $ 0.50 level at the beginning of November. “In this case, it is possible for the price to increase by over 40 percent,” he said. However, the analyst underlined that this scenario will be invalid if the price falls below the support level at $2.
Trump Factor Gave Speed to XRP
The remarkable rise of XRP in recent months is attributed by most experts to the election of Trump. Ripple 
$2.3 CEO of Labs Brad Garlinghousenew management cryptocurrency He stated that he would adopt a more positive attitude in his regulations. “This period can eliminate the problems that Ripple cannot find solutions to in the USA,” Garlinghouse said. It is seen as a result of this optimism that Ripple will establish more partnerships in the US between November and December 2024.
Additionally, the Trump administration has changed the leadership of the SEC and the Chairman Gary GenslerIt is stated that with the departure of , the legal uncertainties faced by XRP may end. Ripple President Monica LongIn an interview on Tuesday, he stated that XRP’s inclusion in exchange-traded funds (ETFs) is now a more realistic goal.
The social media report published by Santiment also reveals that social optimism in XRP has increased. Market expectations for XRP Bitcoin (BTC) 
$93,505.3 and Ethereum (ETH) 
$3,317.9 It paints a more positive picture than other major cryptocurrencies such as.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
