CLARITY Act Vote Looms as XRP Price Faces Uncertainty

US Senate Majority Leader John Thune announced plans to hold an initial vote on the CLARITY Act before the August recess, but a specific date for the vote was not set by August 5. The bill's progress remains uncertain.

The potential approval of the legislation could reduce regulatory uncertainty surrounding digital assets and influence XRP, although it would not guarantee a change in its regulatory status immediately.

On the four-hour XRP/USD chart, a contracting triangle pattern has been forming since July. The price attempted to break below the formation on August 6, with downside potential remaining intact if the decline continues. A key area of interest is around $1.0200, where the market could find a reaction.

Alternatively, if the breakout proves false, the price will face several important levels on the upside: the lower boundary of the current profile at $1.0590, the POC zone at $1.0690, and the upper boundary at $1.0830.