XRP's Sideways Drift May Last Up to 8 Months Amid Senate Vote and Interest Rate Decision

XRP's recent surge has come to an end as its price has dropped to $1.34, $1.37, and volatility on the daily chart has plummeted.

According to historical data, this state of 'anti-volatility' typically precedes a prolonged sideways drift for XRP, with previous cycles showing that such periods can last up to 240 days.

The current market landscape is also contributing to XRP's stagnant price. Major players and speculators are hesitant to open positions ahead of next week's potential macroeconomic shifts, including the U.S. Senate vote on the CLARITY Act on Sept. 15 and the Federal Reserve's interest rate decision on Sept. 16.

XRP reserves on Binance alone fell by 2.631 billion tokens in just one day after a sharp shift in holder sentiment saw coins being withdrawn from exchanges while awaiting upcoming news.