Crypto
XRP's Support Zone Faces Midterm Election Year Headwinds
XRP is trading near $1.07 as of press time, right at the edge of a support zone that traders are watching closely this week.
August has a rough track record for XRP, with declines averaging around 14% during US midterm election years on record. According to crypto analyst ChartNerd, XRP has closed lower in August during every US midterm election year on record, including an 5.7% drop in August 2014 and a 23.0% loss in August 2018.
ChartNerd pointed out that if this pattern repeats itself, the altcoin could fall back toward what ChartNerd calls the mid-Gaussian Channel retest, marked near $0.88 on the analyst's long-term chart.