XRP Seeks Escape from Four-Year August Curse

XRP has been on a four-year losing streak in August, but crypto traders are holding onto hope that this year will be different. The token's price history shows it has averaged a 0.43% gain during the month, which is better than its average returns in June and February.

Crypto trader Zach Rector believes XRP may not be out of danger yet, warning that August has often been difficult during U.S. midterm election years. He notes that XRP recorded August declines of 5% in 2014, 23% in 2018, and 13% during the last bear market.

However, chart analyst ChartNerd points out that XRP is approaching its long-term ascending support line, which has held since 2020. Previous touches of this level have often been followed by strong rallies rather than deeper breakdowns.

CryptoQuant's multi-exchange open interest data shows that XRP's open interest across major exchanges has dropped back to levels last seen before the late-2024 rally. This means speculative leveraged positions have largely been cleared from the market.