XRP investors are hoping the cryptocurrency could repeat its massive rally after the 2024 U.S. presidential election, with the next midterm elections scheduled for November 3, 2026.
An XRP influencer recently reminded investors that the asset gained nearly 600% after the 2024 election. The post sparked discussions about whether the 2026 midterm elections could trigger another major price increase.
In November 2024, XRP traded around $0.50 before climbing to $3.40 by January 2025. That was a gain of about 580% in just two months.
Why Did XRP Rally After the 2024 Election?
XRP’s rally followed Donald Trump’s victory in the 2024 presidential election. Several developments helped boost investor confidence in the crypto market.
Trump’s victory raised hopes for more crypto-friendly regulations in the United States. Investors also expected the SEC to take a less aggressive approach toward crypto companies.
Another major development was SEC Chair Gary Gensler’s announcement that he would step down in January 2025. His departure raised hopes that Ripple and other crypto companies would face fewer regulatory challenges.
At the same time, Ripple’s long-running legal battle with the SEC was nearing its end, reducing uncertainty around XRP.
Together, these developments helped push XRP from around $0.50 to $3.40. However, XRP later lost a significant portion of those gains.
Can XRP Rally Again After the 2026 Midterm Elections?
The big question now is whether the November 3 midterm elections could trigger another major rally for XRP. According to CoinMarketCap, the coin is trading around $1.26 at the time of writing. It was down about 1% in the past 24 hours, 3.2% over the past week, 16% over the past month, and 32% since the start of the year.
If XRP repeats its previous 600% rally, its price will reach $8.82. Even a smaller 300% increase would push it to around $5.04, above its previous all-time high.
However, these are only possible price scenarios based on past performance, not guaranteed targets.
The 2026 midterm elections are also different from the 2024 presidential election. Trump’s 2024 victory raised hopes for more crypto-friendly policies. This time, the elections will determine which party controls Congress and could affect the future of crypto regulations, including the proposed CLARITY Act.
The election results therefore influence how investors feel about the cryptocurrency market.
XRP Holders Have Different Opinions
Not all XRP holders believe another election rally is likely. X user “The God Candle” argued that the 2024 presidential election and the 2026 midterms are different events, meaning investors should not expect the same price movement.
Another commenter, BrutallyHonest, suggested that a Democratic victory could hurt the crypto market.
Wes Welk shared a similar view, arguing that Trump’s crypto-friendly campaign promises created unique conditions for XRP’s 2024 rally.
Other investors expressed frustration with XRP’s recent performance, especially its decline from around $3.60. Some also questioned whether the cryptocurrency could still reach $4.
Ultimately, XRP’s next major move will depend on more than the election results. Political developments, progress on crypto regulations, and overall market conditions will also play important roles.