On November 5, Ripple hit an intraday high of $0.52, representing a 5% increase from its low this month. However, XRP remains in a local bear market, down 23% from its peak in October. This creates uncertainty over the future performance of the cryptocurrency.

Some crypto analysts believe that XRP has further upside potential. Crypto analyst Brett, who has 58,000 followers, suggested in a post on X that XRP may be on the verge of a new bull run.

This is perceived as a positive signal for investors and the price of XRP is expected to rise. Another analyst, Dark Defender, with over 110,000 followers, argued that XRP could recover.

Dark Defender noted that the coin’s oscillators indicate that the price is trading in the oversold zone. In addition, he stated that he predicts that XRP may rise to $0.5286, then to $0.60 and $0.66.

These XRP predictions come after Ripple Labs released its third quarter report. The report emphasizes that the SEC lawsuit is a major obstacle. However, it was also noted that corporate interest was increasing.

It was stated that companies such as Bitwise, Canary and 21Shares have applied for Ripple ETFs. This is considered a promising development for the future of XRP.

The US presidential elections to be held on Tuesday may affect XRP in a possible Donald Trump administration. A new Securities and Exchange Commission Chairman is more likely to end ongoing litigation, and this represents a positive catalyst for XRP.

Notably, a minor double bottom formation is observed on the price chart of XRP at $0.4916. Such formations usually occur before a bull breakout, indicating that there may be an increase in the price of XRP.

However, there are also risks for XRP. A “death cross” was formed by the intersection of the 200-day and 50-day Exponential Moving Average. This could indicate short-term weakness of the cryptocurrency.

Additionally, Ripple has formed a double-top formation at $0.6437, increasing the possibility of a bear breakout in the near term. If XRP declines below the double bottom at $0.4916, it could break down and serve as a negative signal for investors.

On the other hand, if the price of XRP breaks above $0.5300, further gains could potentially occur and the double bottom pattern could be invalidated. This could increase investors’ confidence in XRP.

These developments in the cryptocurrency markets require noteworthy monitoring for the future performance of XRP. Investors should determine their strategies and be careful by taking these developments into consideration.