XRP Price Holds on EMA Support After CLARITY Act Setback

The XRP price has declined for the second consecutive day, holding on to support at its 50-day Exponential Moving Average (EMA) of $1.28.

This comes after the US Senate failed to advance the CLARITY Act, a comprehensive market-structure regulation framework, in a 49-50 vote.

The bill's failure has delayed clear crypto regulation and has led to further uncertainty in the market.

Wayne Huang, Co-founder and Group CEO of XREX Group, stated that the cloture vote not passing 'does not slow the digital asset market down.' He added that stablecoin adoption and real-world use cases are already moving faster than the legislative process, and the SEC and CFTC can still provide greater clarity through rulemaking and regulatory guidance.