XRP Price Collapses After Senate Rejects Clarity Act

XRP's price plummeted to $1.28 on September 16, after falling nearly 9.4% in 24 hours following the Senate's rejection of the Clarity Act.

The bill would have codified XRP's commodity status in federal statute but since the token is already classified as a digital commodity by the SEC and CFTC, its failure to pass only removed permanence from its classification.

XRP suffered significantly more than other major cryptocurrencies like Bitcoin and Ether, with a decline nearly eight times that of Bitcoin's 3.8% drop.