Crypto
Rising Bond Yields Weigh on XRP as CLARITY Act Vote Looms
XRP's value has plummeted by roughly 5.3% as of September 15, according to recent market data.
The drop is attributed to two key factors: a Senate cloture vote on the CLARITY Act and rising bond yields.
The CLARITY Act, which would create a regulatory framework for stablecoins and digital assets in banking and traditional finance, faces a crucial vote today with 60 votes needed to advance.
XRP's ties to Ripple's RLUSD stablecoin make it directly affected by the bill's outcome.
The 10-year Treasury yield has reached its highest level in nearly 20 years at over 5%, adding pressure on speculative assets like XRP, which is now facing a 93% chance of a Federal Reserve rate hike this week.