XRP Plunges as Market Awaits Crucial Votes and Rate Decision

The price of XRP has dropped to $1.34-$1.37 after its brief August surge, and volatility on the daily chart has vanished, according to TradingView data.

Historically, this state of 'anti-volatility' has meant that the market is hitting pause, and previous cycles show that after such a lull, XRP typically falls into a sluggish sideways drift, which can last as long as 240 days.

The market has not frozen without reason. Major players and speculators are openly reluctant to open positions ahead of next week's events, including the U.S. Senate vote on the CLARITY Act on September 15 and the Federal Reserve's interest rate decision on September 16.

The CLARITY Act could reshape the macroeconomic landscape, while inflation in the U.S. is mounting again, with PPI jumping to 5.4%, prompting major capital to flee into the safety of cash.