XRP Price Drops as CLARITY Act Vote Delay Adds Pressure

The XRP price took a hit on August 7 after the US Senate delayed a vote on the CLARITY Act until September. This development added new pressure to the token, which had already been struggling against Bitcoin (BTC) for weeks.

Digital Chamber CEO Cody Carbone noted that the industry would continue working to secure enough support for a successful vote during the recess. He also emphasized that regulatory action from the SEC could still provide guidance even if the legislation is delayed.

However, he warned that XRP could face more downside before conditions improve. According to historical data, the Ripple token has posted negative August returns every year since 2014, with an average drop of about 14%.

The current weakness fits this historical pattern and does not represent any new development, Carbone argued. He acknowledged that short-term trading could be difficult and suggested that XRP may spend much of the rest of the year consolidating around the $1 level before any sustained recovery can start.