Xrp Price Drops By 12 As Investors Turn Cautious

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Xrp Price Drops By 12 As Investors Turn Cautious

XRP Price Drops By 12% As Investors Turn Cautious

With the US midterm elections fast approaching, all the major cryptocurrencies are turning bearish, including BTC, ETH, and XRP. The reason for this drop is the cautious behaviour of investors who want to lower their risk exposures. And since cryptocurrencies, in general, are high-risk, they are all turning red ahead of the upcoming midterm elections.

According to analysts, a Democrat win in the senate and the house will send the XRP prices lower. For now, the XRP price is hovering around the $0.42 price range ahead of the big event.

However, as we approach the US midterm elections, the downward pressure on Ripple (XRP) will increase further as the citizens vote for their next president. If we look at history, it is not possible to get the full election results within one night. Instead, the actual process will finish somewhere around December, and the new Congress will be operational in January.

XRP Can Go In Either Direction

As the election results start to come in, the price of XRP will remain in limbo, and high volatility is also expected. According to experts, the best scenario for the US midterms will be a split (the same as the current situation).

If the Republican party wins in the house and senate, cryptocurrencies will jump higher as the Biden administration will no longer be able to make crypto reforms. If this happens, XRP could jump above $0.48 and may even target the R1 (monthly) at $0.54.

And if the Democrats claim victory in the Senate and House, we will see downward pressure on cryptocurrencies. In this case, XRP could turn lower and target the $0.37 price range and even go towards the $0.30.

So depending on the situation, XRP can either turn bearish, bullish, or stay the same as it is now. And if we look at the history of US midterm elections, it becomes clear that the current administration usually wins the midterm elections as well.

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