XRP Price Outperforms ETH, BTC with 12% Gains after Biden Bow to Trump

XRP Price Analysis

Ripple (XRP) price retested the $0.60 area on Monday July 22, up 12% from Friday’s lows, here’s how investors reaction over the weekend could impact XRP in the week ahead.

XRP price bounces 12% in  Rollercoaster Weekend

After a week of blistering rally, Ripple (XRP), Bitcoin (BTC), Ethereum (ETH) reach new monthly peaks, bears threatened a major reversal Friday July 19. However a dramatic turn of events surrounding the US Elections put the bulls back in the drivers’ seat over the weekend.

As observed during the first wave of this month’s market rally between July 5 and July 18, XRP price performance over the last 72-hours has once again raced ahead of the market average, beating the BTC and ETH by a considerable margin.

The chart above compares the price performances of XRP, BTC and ETH over the weekend trading period. XRP price led with a remarkable 12% rebound from the daily timeframe low of $0.54 on July 19, to reclaim the $0.60 level at the time of writing on Monday July 22.

Meanwhile, the two largest crypto assets, Bitcoin and Ethereum only mustered 7% and 5% upside respectively, during the same trading period.

Investors anticipate that Joe Biden’s decision to quit the Presidential re-election race now makes the self-acclaimed crypto-friendly Donald Trump, the overwhelming favourite to win the next elections.

Having being locked in a long-running battle with regulators in the Biden administration since 2020, a Trump victory presents a more favourable outlook for XRP and its administrators at Ripple labs.

Thanks to this narrative, its unsurprising that XRP has attracted disproportionately more demand, leading to large price surge than BTC and ETH.

Bitcoin and Ethereum have enjoyed “technical” regulatory endorsements in the form of ETF approvals in recent months. Hence, investors now anticipate that a Trump presidency could have a bigger impact on crypto assets like XRP, widely-perceived to have been held back by regulatory opacity and a barrage of lawsuits by the SEC during the outgoing the Biden administration.

If this scenario becomes a dominant market theme, XRP price could be on the verge of advancing further towards the $0.70 level, especially if the campaign polls further tilt in favour of Donald Trump’s candidature.

XRP Price Forecast: Outperforming BTC, ETH Could Spark $0.70 Rally

XRP has climbed 12.13% over the past three days, showing greater relative strength compared to Bitcoin (BTC) and Ethereum (ETH). Technical indicators suggest this could set the stage for a potential rally towards the $0.70 mark.

Firstly, the Parabolic SAR (Stop and Reverse) is positioned below the current price, suggesting an ongoing uptrend and providing immediate support at $0.49.

The Directional Movement Index (DMI) further supports this bullish outlook. The +DI (blue line) is above the -DI (orange line), indicating that bullish momentum currently outweighs bearish pressure.

Additionally, the ADX (red line), which measures the strength of the trend, is above 20, reinforcing the potential for further upward movement. This technical configuration suggests that as long as the +DI remains dominant, bulls could continue to drive the price higher.

Key resistance levels to watch include $0.65, the recent high from last week, and the psychological barrier at $0.70. If XRP manages to break through these resistance levels, it could pave the way for a more sustained rally.

Conversely, support levels are established at $0.49 and $0.45, which are crucial for maintaining the current bullish trajectory.

In summary, the technical indicators paint a bullish picture for XRP, with the potential to rally towards $0.70 if current support levels remain intact and resistance levels are breached.