Ripple Teeters on Edge of Losing Key Support at $1

The price of Ripple's XRP token has declined by nearly 2% over the past 24 hours, reaching $1.03 as it teeters on the edge of losing a crucial support level at $1.

The decline is attributed to the recent news that the U.S. Senate delayed its CLARITY Act vote until September, which has had a negative impact on Ripple's chart.

Market data from CoinGecko shows XRP's market capitalization remains steady at around $64.7 billion, with trading volume hovering at approximately $1.4 billion against a circulating supply of 62.53 billion tokens.

While regulatory clearance in Europe may offset the deferred US legislative timelines, analysts are cautious about the token's prospects.