XRP Bounces Back from CLARITY Act Setback
XRP experienced a significant price drop after the CLARITY Act's failure in the US Senate, dipping below $1.30 to mark a monthly low and falling over 8% at one point.
The setback was particularly painful for XRP compared to other major cryptocurrencies, with cumulative volume delta plummeting to negative 10.5 million, indicating that the move was more than routine profit-taking.
However, ChatGPT suggests that the situation is not as dire as it seems. The AI platform notes that the September 15 failure to advance in the Senate does not guarantee the bill's scrapping and leaves more responsibility to regulatory agencies, such as the SEC and CFTC, which are already moving ahead with crypto rules under their existing authority.
Ripple CEO Brad Garlinghouse reassured XRP investors that the asset's existing US legal footing was not altered by the Senate setback. ChatGPT expects the token to spend time rebuilding confidence rather than immediately resuming its mid-August rally, and predicts a period of consolidation around $1.25 and $1.50 while the market absorbs the vote and watches ETF flows.