Donald Trump’s November victory sparked a rally in Bitcoin (BTC) and altcoins, with Bitcoin and XRP being the two cryptocurrencies that benefited the most from this victory.
At this point, Bitcoin reached new highs of over $108,000 in its rally, while XRP reached the $3 limit.
Although XRP has failed to break above $3, it has achieved significant success by rising by over 350% since November.
Market analyst Omkar Godbole noted that XRP's bullish process is not over.
Analyzing the XRP chart, the analyst said that XRP has been forming a “descending triangle” pattern since its peak of $2.9 in early December.
According to his technical analysis, the analyst said that a bullish breakout from this pattern could lead to XRP continuing its uptrend and experiencing a price increase of 40% or more.
“According to the CMT Association's technical analysis theory, descending triangles usually end with a breakout to the downside. However, bullish breakouts can also occur, providing an average gain of 47% to 16%.
In other words, according to the analysis, there is a descending triangle formation in XRP and if this pattern breaks to the upside, the XRP price could rise by 40% or more.
This could signal a resumption of the previous bull run from lows near $0.5 early last November.
However, if the price breaks out of the pattern, breaks to the downside and breaks below the horizontal support line around $2.00, all bullish bets will be cancelled.”
XRP continues to trade at $2.32 at the time of writing.
*This is not investment advice.
