CLARITY Act Failure Sends XRP Price Plummeting Over 9%

A procedural vote on the CLARITY Act failed to pass, causing XRP's price to plummet over 9%. The bill's rejection has left a regulatory gray area for XRP, which has been plagued by lawsuits with the SEC.

Ripple CEO Brad Garlinghouse expressed regret over the bill's setback, stating that his team 'poured everything into pushing the bill across the finish line.'

The failure of the CLARITY Act has triggered a broad crypto decline, with major coins like Bitcoin (BTC) and Ethereum (ETH) falling 3-5%. XRP is highly likely to test $1 as its price support level.

The market is now focusing on the upcoming Federal Reserve interest rate decision. If rates are raised by 25 basis points, XRP's upward momentum will be dampened, potentially pushing its price down to seek the $1 line of defense.