Many analysts are anticipating a bull run for Ripple’s XRP which could lead to an exponential growth, giving Ethereum and Bitcoin a run for their money.

Several experts suggest that XRP’s potential price rally could be attributed to Donald Trump winning the US election, a political event that brought so much excitement to the cryptocurrency sector.

XRP: 700% Price Hike

Analysts said that XRP could be on the brink of a possible price rally based on historical price movement after an election.

They predicted that the price could skyrocket by 700% to about $4.89 per coin if history repeats itself.

Currently, the crypto is being traded at $0.6113 with a total market capitalization of $34.76 billion and a 24-hour volume of $2.82 billion.

Market commentators said that they believed that XRP would greatly benefit from positive sentiment brought by the upcoming administration of pro-crypto Donald Trump.

According to analysts, they see a potentially massive price surge for the digital currency because of the long-term pattern in its price movement and a possible repetition of the coin’s post-election trends.

However, some market observers decided not to disclose any price target for the anticipated XRP upsurge.

Meanwhile, other analysts suggested that the most optimistic forecast for a post-election surge would be a growth between 100% and 500%, saying that the XRP price would be somewhere between $1.22 to $3.67 per coin.

Historical Price Rally

Analysts studied the price movement of XRP in past US elections, saying that after the 2016 US election, the digital asset’s price went down in the next four months after the election poll.

They however noted that after the initial price dip, the altcoin had a massive price rally which propelled the coin to a whopping 60,000% and hit the all-time high of $3.31, an event which is not far-fetched at the moment.

If XRP would again surge by 60,000% after the election, it would reach the $367 level.

$XRP huge acceleration is coming

Look at the past elections and see what follows. pic.twitter.com/ufcqC8v5Y5

— Mikybull Crypto (@MikybullCrypto) November 8, 2024

Likewise, in the 2020 election, XRP also experienced a huge price uptick of 177%, coincidentally in the same month as in the 2016 breakout before a correction was done in December.

Crypto analyst Dark Defender suggested that starting November 24, XRP could experience a major bull run using Bitcoin’s historical patterns.

Another analyst, 360Trader agrees with Dark Defender on the bullish outlook for XRP, explaining that the coin’s extended price stability could fuel the rally.

360Trаdеr added that an indicator that XRP is building momentum for a bull run is the ongoing price stability.

Mikybull Crypto said that XRP is poised for another price upsurge, expressing his confidence in the prospects of the cryptocurrency following the notable price rallies during the previous elections.

Featured image from Pexels, chart from TradingView

China-based crypto mining chip designer Nano Labs is now accepting Bitcoin as payment for its products through its business account on Coinbase, according to a Nov. 11 statement.

The firm said it adopted Bitcoin payments in response to increasing demand for digital currency options in the tech world. It added that the payment flexibility is intended to benefit clients and partners, especially as businesses worldwide embrace crypto for streamlined, secure cross-border transactions.

Nano Labs said the move positions it favorably to attract a broader audience of tech-forward clients who prioritize flexible, digital payment systems.

Nano Labs was founded in 2019 and specializes in fabless IC design. The firm is also focused on developing high-throughput computing (HTC) chips, high-performance computing (HPC) chips, smart network interface cards (NICs), and other advanced computing solutions.

Stock performance

In July 2022, Nano Labs raised $50 million to go public in the US. However, the stock has performed poorly since the IPO, falling roughly 95% since it began trading that year.

Earlier this year, Nasdaq reportedly notified Nano Labs that its stock had fallen below the required minimum market value of publicly held shares (MVPHS) of $15 million over 30 consecutive trading days.

The company rectified the issue and met Nasdaq’s requirement by maintaining an MVPHS of $15 million for 10 days by Oct. 9.

Nano Labs’ decision to accept Bitcoin may help counterbalance its recent stock performance. This year, Bitcoin-related stocks of several micro-cap companies like Semler Scientific and Metaplanet have rapidly increased following their decision to adopt the top digital asset.

China’s stance

As a China-based company, Nano Labs’ embrace of Bitcoin may signal subtle shifts in China’s traditionally restrictive crypto policies.

Over the past years, China has maintained a stringent regulatory system prohibiting institutions from engaging in crypto transactions and mining activities.

Despite these measures, the Asian country remains a major force in the global crypto landscape, controlling over half of the Bitcoin network’s hashrate.

Meanwhile, recent calls for a policy reassessment from figures like former Deputy Finance Minister Zhu Guangyao hint that China’s approach to digital currencies may shift in alignment with global trends favoring wider crypto adoption.

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