XRP Price Prediction: Trump Wins Key States, Major 1.38 Billion Token Transfer Sparks Rally

With the U.S. presidential election showing Trump leading in crucial battleground states, XRP has experienced a notable surge.

Investors anticipate a more crypto-friendly administration under Trump, sparking hopes that his victory could lead to a withdrawal of the SEC’s appeal against Ripple in the ongoing lawsuit.

Trump has previously criticized SEC Chair Gary Gensler and has indicated intentions to remove him from office if elected, which would potentially ease regulatory pressures on XRP and the broader crypto market.

The possibility of reduced regulatory scrutiny under a Trump administration has already triggered market enthusiasm. XRP climbed further in early Wednesday trading, reflecting investor sentiment that a Trump victory could alleviate anti-crypto sentiment on Capitol Hill.

Massive 1.38 Billion XRP Transfer Raises Questions

In the midst of XRP’s price rally, a substantial transfer of 1.38 billion XRP tokens (valued at approximately $702.38 million) was made from the crypto exchange Bithumb to an unknown wallet.

This large-scale movement of XRP has led to speculation among analysts and traders, with some wondering if this transfer was a major purchase by an institutional player or part of a broader strategy in anticipation of the election results.

Such large transfers often signal potential market moves or shifts in institutional holdings.

Amid XRP’s recent price surge, this transfer has fueled further excitement and debate about its potential impact on XRP’s near-term outlook. The timing aligns with increased interest in XRP ETFs and renewed listings on major platforms following Ripple’s legal victories against the SEC.

Institutional Investment in XRP Sees 266% Increase Amid Legal Progress

In its latest Q3 report, Ripple revealed a significant increase in institutional interest in XRP. Ripple’s ongoing legal battle with the SEC has, paradoxically, sparked more confidence in the cryptocurrency, as recent favorable court rulings bring clarity to XRP’s regulatory status.

Institutional purchases of XRP surged by an impressive 266%, with purchases rising to $1.1 million in early November from just $0.3 million in the previous month.

Ripple has announced plans to continue defending its position in the Second Circuit Court, following an earlier decision that reduced its penalties from over $2 billion to $125 million.

The anticipation around potential XRP ETFs and the favorable rulings have amplified trading volumes by 45%, reflecting growing institutional and retail interest.

Despite market volatility, XRP has held steady, trading between $0.50 and $0.64, showing resilience and building investor confidence in the asset’s future.

#XRPCommunity #SECGov v. #Ripple #XRP The Second Circuit Court of Appeals has entered an Order that the @SECGov’s brief must be filed on or before January 15, 2025. pic.twitter.com/E3TE5tBDAy

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 1, 2024

Key Insights:

• Trump’s Election Lead Boosts XRP: Market optimism rises on a possible crypto-friendly stance.
• 1.38 Billion XRP Transferred: Major token transfer worth $702M raises investor speculation.
• Institutional Interest Surges: 266% increase in XRP investments amid legal progress.

XRP Price Prediction

XRP/USD is experiencing bullish momentum, trading at $0.53542 following a breakout above a key pivot point at $0.52647. The surge was supported by the 50-day EMA at $0.51411, which provided upward pressure.

XRP has now encountered immediate resistance around $0.54274, with the next resistance zones at $0.55468 and $0.56667. If bullish sentiment persists, these levels could attract further buying interest.

However, on the downside, immediate support is positioned at $0.52647, followed by $0.51458 and $0.50366.

The RSI stands at 69.84, nearing overbought territory, which may signal potential consolidation or a pullback in the near term.

Given the recent breakout, XRP’s bullish outlook remains intact as long as it holds above the $0.52647 pivot level. A move below this level could shift momentum back towards support at $0.51458.

Key Insights:

• Immediate Resistance: $0.54274, with further resistance at $0.55468.
• Support Levels: Holds firm at $0.52647; next supports at $0.51458 and $0.50366.
• Overbought RSI: At 69.84, suggesting potential consolidation or pullback.