SEC Framework Announcement Looms Over XRP Price as Market Falls 1.57%

The XRP price has been under pressure as investors wait for the SEC's crypto offering framework announcement on August 14. The market fell by 1.57% in 24 hours, decreasing its worth to $2.18 trillion. Bitcoin and Ethereum have dropped to lower levels of under $64,000 and under $1900, respectively.

The CLARITY Act cloture vote, scheduled for September 15, is also being monitored by investors. The SEC's August 14 meeting will discuss a proposal called Regulation Crypto Assets, which could provide exemptions on certain federal securities registration regulations to qualifying crypto businesses.

XRP price traded at $1.0062 after declining 0.84% during the latest four-hour session. The Relative Strength Index dropped to 30.77, and XRP is close to the oversold region. However, the MACD line was lower than its signal line, indicating a bearish perspective.

XRP derivatives activity has increased with trading volume rising by 37% to reach a high of $1.80 billion over the period under consideration. Open interest also increased by 8.74% to 2.71 billion, demonstrating increased capital in contracts outstanding.