XRP price declines after US Senate delays CLARITY Act vote to September, with analyst ChartNerd maintaining long-term bullish targets despite near-term weakness.
Regulation & Gov ·
XRP's price declined following the US Senate's postponement of the CLARITY Act vote to September, which intensified selling pressure on the token. The delay came amid a broader pattern of weakness in August, particularly during US midterm election years, when XRP has historically experienced significant downturns.
Despite near-term headwinds, analyst ChartNerd maintains a bullish longer-term perspective on XRP. The analyst has outlined potential price targets of $8, $13, and $27, contingent on the emergence of a larger bullish pattern in the token's technical structure.
What remains unclear is the timeline for such a pattern to form and the catalysts needed to trigger a reversal from current weakness. The relationship between the CLARITY Act's legislative status and XRP's sustained price recovery also remains uncertain.