XRP Price Enters 3-Day Winning Streak as Ripple Co-Founder Backs Kamala Harris

Ripple (XRP) Price Analysis:

XRP price hit $0.53 on Monday, Sept 9, up 7% since Ripple Co-Founder, Chris Larsen, along with 87 other executives, publicly endorsed Kamala Harris.  Technical indicators suggest that XRP price could be on the verge of another leg-up towards the $0.60 territory.

XRP Prices Surges 7% In 3-Days

On Sept 6, Ripple co-founder Chris Larsen made headlines as he endorsed U.S. Vice President Kamala Harris for the forthcoming US Presidential elections slated for November 2024.

According to a CNBC report, Larsen, alongside 87 other corporate executives, signed a letter supporting Harris, highlighting the Democrats’ commitment to soften their regulatory stance towards the cryptocurrency sector.

This event comes at a pivotal point for XRP price prospects, with Ripple Labs having recently secured a favorable outcome to its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC), less than 2 months ago.

XRP price movements over the last 3-days suggests that investors have responded largely positively to the Larsen’s decision to back Vice President Kamala Harris.

The blue-shaded area in the price analysis chart shows XRP price action since Larsen’s endorsed Kamala Harris on Sept 6. As seen above XRP price increased 7.12% on $0.50 on Sept 6, to hit $0.54 at the time of publication on Sept 9.

Notably, Ripple’s CEO, Brad Garlinghouse, had been openly critical of the Biden administration over the last few years. Hence, Larsen’s recent endorsement reflects that Ripple has now strategically re-aligned towards the Democrat party, after President Biden dropped out of the race in mid-July.

This move also underscores a growing trend of corporate leaders, including those from the tech and crypto sectors, involving themselves in political campaigns. Executives from Yelp, Box, Snap, and 21st Century Fox were among the signatories, illustrating broad business support for Harris’s candidacy.

Donald Trump Remains Firm Favorite Among Crypto Traders

While Ripple’s CEO’s backing of Kamala Harris has yielded positive results for XRP price, Donald Trump remains the favored candidate for the majority of crypto traders. Trump’s public support for Bitcoin and his promises to make the U.S. a “crypto leader” at the Bitcoin Nashville 2024 conference have garnered attention.

The chart above is culled from Polymarkets, a prominent DeFi prediction markets platform, that allows crypto traders to wager on real-world event. The latest data as of Sept 9, shows Donald Trump is currently ahead of Kamala Harris by a margin of 52% to 46%.

Evidently, this suggests that while Kamala Harris has earned significant corporate support, Trump remains the leading candidate among active cryptocurrency traders.

Key Events to Watch for XRP Traders

Based on recent market events, strategic XRP traders may pay keener attention towards the US election campaign. The 7% price surge in the aftermath of Larsen’s endorsement suggest XRP could witness more upside if Kamala Harris closes the gap on Trump.

However, another crucial event to watch is the upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports due this week.

The chart above illustrates a steady climb in CPI over the past year, with July 2024 peaking at 314.54 points. The August CPI is forecast at 315 points. Following weaker-than-anticipated Non-Farm Payrolls data released last Friday, Lower-than-expected CPI inflation figures could heighten the chances of a Fed rate cut.

A Fed rate cut often stimulates demand for risk assets, including cryptocurrencies. Hence, if dovish conditions align, XRP may see another leg-up toward $0.60 in the coming weeks, fueled by easing economic concerns.

XRP Price Forecast: Can Bulls Cross Over $0.55 Resistance?

XRP’s current price action suggests that bulls are attempting to break the $0.55 resistance level. The 9-period ALMA (Arnaud Legoux Moving Average) indicator, trending slightly upward at $0.5291, reinforces short-term bullish momentum.

If XRP breaks this resistance, the next target could be $0.60. On the downside, support is holding at $0.52, a crucial level that must maintain to prevent further declines.

Additionally, the DMI (Directional Movement Index) shows the +DI at 13.97 and -DI at 22.08, indicating bearish dominance.

However, the rising ADX at 29.75 hints that trend strength is building, which could favor bulls if momentum shifts. Breaking above $0.55 could set the stage for a push towards $0.60, while losing $0.52 may signal a retest of the $0.50 support territory.