Senate Delay Delivers Fresh Uncertainty for XRP
XRP has been under renewed pressure since July 27 after falling from around $1.10 to an intraday low near $1.05 due to the US Senate's delay in considering the Digital Asset Market Clarity Act, also known as the CLARITY Act.
The move pushed any vote beyond Congress' Aug. 8 recess, removing a potential regulatory catalyst for XRP that many market participants had been watching closely. The legislation seeks to define how digital assets are regulated and draw clearer boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
XRP extended losses through July 28 after Senate Majority Leader John Thune gave priority to a Russia sanctions package and federal nominations instead of bringing the CLARITY Act to the Senate floor. The token's price has remained below the levels seen before the Senate's scheduling decision, even after recovering from Tuesday's low.
The delay in the vote has introduced fresh uncertainty over when lawmakers will address one of the crypto industry's most closely watched market structure bills. Institutional demand for XRP remains relatively stable beneath the surface, with continued net inflows into US spot XRP exchange-traded funds helping to absorb part of the selling pressure.