XRP Bearish Target Set at 70 Cents as CLARITY Act Faces Uncertainty

Gareth Soloway, an analyst, has shared his bearish view on XRP if the CLARITY Act fails to pass. He believes that if the bill is genuinely shut down with no chance of passing, XRP could drop towards its high pivot range from 2024, which sits near 70 cents. This level would also be a key technical support zone for Soloway as a long-term trader.

Soloway's downside scenario is contingent on the bill's failure, and he currently holds a bullish view on XRP. He points to a potential bottoming tail forming after the recent bounce above $1, as well as a longer-term wedge pattern that recently broke out. Support is building in the 96 to 97 cent range.

CryptoMoses, another chart analyst, has also highlighted a falling wedge on the 4H chart with $1 as key support. If buyers break this structure to the upside, the next levels to watch are $1.05 and $1.10.