As the U.S. presidential election approaches, the cryptocurrency market is abuzz with speculation about its potential impact. A victory for Donald Trump, who is viewed as a pro-crypto candidate, could significantly influence the future direction of the digital market. Here are five altcoins that could witness significant growth if Trump wins the election.
5 Altcoins Set to Soar if Trump Wins the Presidential Election
Millions of Americans will vote on Tuesday, November 5, to elect the 47th President of the United States. Should Trump secure the presidency, his policies could create a more crypto-friendly environment and drive a fresh bull run in the digital market. Here are five altcoins that could skyrocket if Trump wins.
XRP
The XRP price has struggled with a sideways action for years amid the Ripple vs U.S. Securities and Exchange Commission. A Trump victory could lead to a more favorable regulatory landscape for cryptocurrencies, potentially benefiting XRP by reducing legal uncertainties.
By press time, the price of XRP traded at $0.518, with a market cap of $29.48 billion.
According to Santiment data, the XRP supply held by the exchanges has notably declined from 3.3 Million to 2.54 Million— a 23% decrease— in the last nine months. This decline indicates more XRP is moving off exchanges and into private wallers, marking a shift towards long-term holders.
Supply on exchange | Santiment
Dogecoin (DOGE)
Dogecoin stands second in our list of top altcoins as Donald Trump’s proposal to establish a plan for federal spending cuts— “Department of Government Efficiency” (DOGE), with Elon Musk suggested as its head.
Dogecoin price prediction currently shows a trading value of $0.16 while holding a market cap of $23.64 Billion.
Since August 2023, the Dogecoin whales, with 10 Million to 100 Million coins, have increased their holding from 41.43 to $18.35 Billion DOGE. Historically, an active accumulation by large holders has coincided with a major market bottom and sustained recovery.
Supply Distribution | Santiment
MAGA (TRUMP)
MAGA (TRUMP) is a meme-inspired cryptocurrency, drawing its name from former President Donald Trump’s “Make America Great Again” slogan. Currently, the TRUMP price exchange hands at $3.8 while maintaining a market cap of $167.65M.
An analysis of the daily chart shows that the asset forms a well-known reversal pattern called the cup and handle. If the bullish pattern holds true, the MAGA coin could jump 48% before even challenging the neckline resistance of $5.5.
TRUMP/USDT -1d Chart
MAGA Hat (MAGA)
Among the PolitiFi coins, MAGA Hat (MAGA) shows the potential of a high-momentum rally if Trump wins the Presidential election in 2024. Ahead of the result, the MAGA price gave a decisive breakout of the $0.0002 neckline of inverted head and shoulder pattern on Monday.
This chart setup displays three main reversals or troughs, indicating the intact demand pressure. Crypto market today shows MAGA trading at $0.00021, seeking support from the breached neckline.
If the support holds, the MAGA price could drop a zero and push past $0.0012.
MAGA/USDT -1d Chart
Doland Tremp (TREMP)
Unlike other altcoins, Doland Tremp (TREMP) name is a satirical play on former U.S. President Donald Trump’s name, reflecting its origins in internet culture and humor. On October 28, the TREMP price gave a bullish breakout from the neckline resistance of a bull-flag pattern.
The chart setup is often spotted in an established uptrend, signaling the potential for a prolonged rally in the near future. Currently trading at $0.34, the TREMP price holds above the breached trendline, the buyers could drive a rally above $1.
TREMP/USDT -1d Chart
Conclusion
A Trump victory could create a more favorable environment for cryptocurrencies, particularly altcoins like XRP, Dogecoin (DOGE), MAGA(TRUMP), MAGA Hat (MAGA), Doland Tremp (TREMP) that offer innovative solutions and have faced regulatory hurdles.
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