XRP Price Dips Amid Rate Hike Fears and Senate Vote Uncertainty

XRP has seen its price drop by 6.45% over the past week amidst growing concerns about an impending Federal Reserve rate hike and uncertainty surrounding the Senate's vote on the CLARITY Act.

The token faces significant technical resistance near $1.34 and $1.40, with key support levels ranging from $1.30 to $1.34. Upcoming events, including the August CPI report and the Fed decision on September 16, are likely to dictate XRP's short-term price movement.

Despite strong ETF inflows earlier in the month, increased supply from Ripple's escrow releases has exerted downward pressure on the price of XRP.