XRP Price Holds Firm Ahead of Crucial Fed Decision
The XRP price held steady around $1.33 as the broader cryptocurrency market continued to decline, influenced by macroeconomic factors and uncertainty surrounding upcoming regulatory and monetary policy developments.
The global crypto market capitalization dropped 1.47% over the past 24 hours to $2.61 trillion, with Bitcoin trading at $76,709 and Ethereum at $2,471.58.
Despite some optimism from progress on U.S. crypto regulation, uncertainty about the Federal Reserve's September meeting kept risk appetite subdued, with futures markets indicating a 70% probability of a 25-basis-point rate increase.
The Senate Republicans' revised version of the CLARITY Act has been released, which would require non-decentralized finance protocols to register with the Commodity Futures Trading Commission and narrow certain DeFi provisions to spot or cash digital commodity transactions.