XRP Bears Hit Resistance After CLARITY Act Setback

XRP prices have seen some relief after hitting a low of $1.29-$1.30 following the US Senate's failure to advance the CLARITY Act, which could have provided regulatory clarity for digital assets.

The setback was particularly important for XRP as it had previously been linked to US regulatory developments since the SEC case.

A bearish Break of Structure (BoS) occurred on the 4-hour chart after XRP fell below $1.3325 and closed at $1.2951, taking the token below its broken support and lower volatility band at $1.3023.

The moving averages remained above the price, creating a strong resistance area, while the previous major swing high at $1.4961 had also remained untouched for eight bars, adding to signs of weak buying pressure.