XRP Price Primed for Big Surge as Historical Election Cycle Patterns Point to Breakout

• XRP’s price patterns show breakouts post-U.S. elections, with a symmetrical triangle forming ahead of 2024.
• XRP faces key resistance at $0.6010 and $0.6665, while support holds at $0.5211, signaling potential upside.
• Volume and RSI peaks during election cycles highlight momentum shifts, aligning with potential bullish rallies.

Crypto analyst MikybullCrypto suggests that Ripple’s XRP may soon experience major price acceleration, pointing to patterns around past U.S. election cycles. Reviewing XRP’s historical performance, the analyst highlights repeating price patterns and technical formations that could signal an upcoming breakout.

Election Cycle Correlation

XRP’s price chart reveals a strong correlation between its performance and U.S. election periods, specifically in 2016, 2020, and the projected 2024 cycle. Green dashed lines mark these election years, showing notable price patterns, typically consolidations or breakouts around these times. 

There are symmetrical triangle formations, with one forming before each major rally. For example, a triangle from 2014 to 2016 saw XRP breaking out after the 2016 elections. A similar pattern in 2017-2020 led to a breakout after the 2020 elections. Now, another symmetrical triangle is emerging for 2022-2024, hinting at a potential future breakout near the 2024 elections.

Volume and RSI Indicate Momentum Shifts

Volume and RSI further emphasizes XRP’s pattern around election years. Peaks in volume indicators, possibly RSI or MACD, align closely with U.S. election cycles, often signaling increased trading activity and market momentum. At press time, XRP was trading at $0.55, backed by a lower trendline support near $0.45-$0.50. 

However, significant resistance lies ahead. A breakout above this resistance could allow XRP to retest previous highs around $3, based on historical breakout patterns. The analyst observes that if XRP sustains support near current levels, it might set a base for future upward movement.

Fibonacci Levels and Resistance Zones

A more detailed technical breakdown reveals XRP’s recent highs and lows with potential resistance levels. A Fibonacci retracement shows notable support near $0.5211, known as the “golden pocket.” 

The price has already shown support near this level, while other levels include $0.4816 (stronger support) and $0.4313 (local bottom). Resistance at $0.6010, corresponding to the 0.236 Fibonacci level, poses a significant hurdle, as does a recent swing high of $0.6665. 

If XRP can maintain its position above $0.55, it may challenge the resistance at $0.6010, and potentially $0.6665, setting up for a bullish rally toward $0.70 and beyond. However, a drop below these Fibonacci levels could put the lower support at $0.4313 in focus.