Crypto analyst TheBlockBull has shared a compelling analysis of XRP’s price trajectory following the recent U.S. elections, drawing parallels to its price movement in 2020. Highlighting a key historical pattern, the analyst suggests XRP may peak at $1.96 before experiencing a significant correction.
Historical Context and Analysis
In the tweet, TheBlockBull emphasizes a precedent established in November 2020, when XRP surged to an interim high within three weeks after the U.S. elections. This rise was followed by a dramatic 75% correction.
By overlaying this historical data onto the current chart, TheBlockBull projects that XRP could replicate a similar pattern. According to the analysis, XRP might reach $1.96 by November 26, 2024, before retracing to $0.50.
Having revisited the charts it took #XRP 3 weeks from U.S Elections to reach the interim high before the huge 75% correction.
Which is why I'm calling for 50c AFTER $1.96
If we apply the same logic $XRP will reach $1.96 on the 26th Nov to be EXACT https://t.co/vLLnWvsfAh 📈 pic.twitter.com/fR5S3lWh7e
— 📈BLOCK BULL📈 (@TheBlockBull) November 19, 2024
The shared chart supports this hypothesis, showing a consistent price movement leading to the forecasted peak. TheBlockBull underscores the potential for a steep correction after the projected high, based on previous market trends.
Such a drop would reflect broader market dynamics rather than event-driven factors, given the absence of adverse catalysts like the SEC lawsuit that impacted XRP in 2020.
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Community Reactions
The prediction has elicited mixed responses from the XRP community . X user WolvieXRP, also known as Travis, countered the notion of a significant post-peak drop, pointing out that unlike in 2020, XRP is no longer under the shadow of regulatory uncertainty.
“We are not going to be seeing another SEC lawsuit dropped on XRP this time around,” he remarked , suggesting that the market conditions are fundamentally different this cycle.
Other users expressed optimism, speculating that broader adoption and favorable macroeconomic factors could prevent such a sharp correction. However, some remain cautious, aligning with TheBlockBull’s cautious outlook, given the cyclical nature of crypto markets.
Broader Market Implications
XRP’s recent performance has already attracted significant attention. The token’s ability to break psychological resistance at $1.10 indicates growing market interest, potentially fueled by institutional adoption and increased utility in cross-border payments . However, analysts warn that a rapid rise often results in profit-taking, leading to volatility.
Market participants are now closely monitoring key dates and resistance levels. If TheBlockBull’s forecast materializes, it could validate the importance of historical patterns in predicting cryptocurrency price movements. Traders are advised to exercise caution and consider technical and fundamental factors before making decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
