XRP Price Analysis: Awaiting the US Election Results, Analysts See Upside Potential

XRP’s price rose for two consecutive days as traders awaited the closely watched U.S. election, which could have significant implications for Ripple.

Ripple (XRP) price rose to an intraday high of $0.52 on Nov. 5, up 5% from its lowest level this month. However, XRP remains in a local bear market, having fallen 23% from its October high.

Some crypto analysts believe XRP has more upside potential. In an X post, Brett, a crypto analyst with 58,000 followers, said the coin appeared to be on the cusp of a new bull run.

In another post, Dark Defender, an analyst with over 110,000 followers, said XRP could bounce back. Notably, the coin’s oscillators indicate the price is currently trading within the oversold zone. He anticipates the coin to rise to $0.5286, followed by $0.60 and $0.66.

Hi all, we closed the monthly candle for October. $XRP bounced back from our support level.

The daily indicators are oversold; the daily trend is bullish.

Weekly & monthly trends are still in the red, so watch out for the support lines.

Resistances: $0.5286, $0.6044, $0.6649… pic.twitter.com/6nkQztC3Kx

Another popular crypto analyst said that the XRP/ETH price had formed an inverse head-and-shoulders pattern on the four-hour chart and was in the oversold level.

These forecasts for XRP come shortly after Ripple Labs released their third-quarter report, which highlighted the SEC case as a major obstacle. The report also noted institutional interest in XRP, with companies like Bitwise, Canary, and 21Shares filing for Ripple ETFs.

The U.S. presidential election on Tuesday could also impact XRP in a potential Donald Trump administration. A new Securities and Exchange Commissioner is more likely to end ongoing litigation, which would be a positive catalyst for XRP.

XRP price analysis: technical outlook

On the daily chart, XRP appears to have formed a small double-bottom pattern at $0.4916, a pattern that usually precedes a bullish breakout.

However, there is a risk, as XRP has formed a death cross, with the 200-day and 50-day Exponential Moving Averages crossing.

Moreover, XRP has also formed a double-top pattern at $0.6437, which suggests the possibility of a bearish breakout in the near term. This view will be confirmed if XRP drops below the double-bottom level at $0.4916. On the other hand, a move above $0.5300 could signal further gains, invalidating the double-bottom pattern.