TL;DR

XRPs price struggles amid ongoing SEC lawsuit, with hopes that a potential Trump victory could lead to regulatory changes benefiting the asset. Analysts predict a bullish scenario for the token, with possible gains if resistance levels are broken.

XRPs Potential Catalyst

Ripples XRP is among the very few leading cryptocurrencies whose prices have dropped year-to-date. Currently, it is worth around $0.51 (per CoinGeckos data), representing a 16% decline since January 1.

XRP Price, Source: CoinGecko One important factor suppressing XRPs valuation and creating an environment of uncertainty seems to be the prolonged lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

Despite the numerous court rulings in the past several months, the case remains ongoing due to the regulators appeal on a 2023 verdict, which ruled that the companys XRP sales to retail investors on crypto exchanges did not violate securities laws.

However, the upcoming final results of the US presidential elections may reverse the assets negative trend. At least, thats what X user Pepa believes. The analyst presented a chart showing that XRPs price exploded to a new all-time high several months after Donald Trump secured a victory in the 2016 elections. Back then, he was running against the Democratic candidate Hillary Clinton.

The X user suggested that such a bullish scenario is possible again should the Republican step into the White House as a winner. 

Its worth noting that Trump promised to fire the SECs Chairman, Gary Gensler, on day one after becoming president. As mentioned above, the agency and its head have been at war with Ripple and many other crypto businesses. Changing the SECs leader to one who is more open to promoting innovation can positively impact the entire digital asset market.

Additional XRP Forecasts

EGRAG CRYPTO and Dark Defender also outlined bullish predictions. The former argued that XRPs valuation has been following a so-called bit frost bridge in the last few years. The analysis suggests that continuing that trend would result in a price rally to as high as $0.90. 

Dark Defender chipped in on November 4, claiming that XRPs daily indicators are oversold while the daily trend is bullish. The analyst envisioned a bull run once the price surpasses the crucial resistance zones of $0.5286, $0.6044, and $0.6649.