Ripple’s XRP token has struggled to maintain the $0.60 price point. The asset hit $0.65 in late September but has since dipped below $0.55. XRP is currently down by 0.9% in the daily charts, 0.5% in the weekly charts, and 9.3% over the previous month. Despite the dip, the asset is up 1.9% in the 14-day charts and 4.4% since October 2023.
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XRP’s yearly performance is quite lackluster compared to other assets. Bitcoin (BTC) has been up more than 125% since October 2023, and Solana (SOL) has been up more than 460% in the same time frame.
Can Ripple’s XRP Breach The $1 Mark If Donald Trump Wins The US Elections?
Despite the poor performance, XRP could recover if Donald Trump wins the upcoming US Presidential elections. Many analysts anticipate a market-wide rally if Trump takes power.
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Elon Musk recently commented about XRP when asked about his thoughts on whether the asset could be ” incorporated into financial institutions in the future.” Musk replied, “I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control.“
Since Musk is Trump’s biggest supporter, we could witness an XRP rally if the Republican candidate enters the Oval Office. Despite his positive stance, Musk added, “this is definitely not an endorsement or lack of endorsement for XRP.“
CoinCodex analysts anticipate Ripple’s XRP token hitting $0.66 on the day of the election on Nov. 5, 2024. A 22.2% rally from current price levels would result.
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However, the platform does not expect the asset’s price to hold, predicting a correction to $0.57 on Nov. 16, 2024.
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