XRP Plunges 3.79% as US Senate Rejects CLARITY Act
The XRP market experienced a significant drop of 3.79% over a three-hour period after the US Senate failed to advance the CLARITY Act.
The bill's failure was seen as a potentially defining moment for crypto regulation, with analysts tying its passage or rejection to XRP's price movement.
XRP had been on a strong run, rallying 35-40% over the prior month and reaching a market cap in the high $80 billion range.
The technical context was also ripe for a correction, with XRP trading near a descending channel resistance and having reached an earlier spike towards $1.55.
Derivatives data showed high leverage and event positioning, with record unique addresses on the XRP Ledger and sizeable spot ETF inflows suggesting both speculative and institutional activity were elevated going into the vote.