XRP Price Plunges 12% as US Senate Fails Clarity Act Vote

The cryptocurrency market reacted sharply to the US Senate's failure to pass the Clarity Act, which would have clarified the regulatory environment for digital assets. XRP fell by over 12% in a matter of hours, dropping from around $1.45 to below $1.27.

Ripple CEO Brad Garlinghouse described the outcome as 'painful,' but argued that crypto development does not depend entirely on the bill. Stuart Alderoty, CLO of Ripple, emphasized that the vote has no effect on XRP's current legal status in the US.

The technical damage to XRP's chart was significant, with a key support level lost at around $1.35. A dense cluster of rising moving averages between $1.25 and $1.29 is now being tested by XRP, which must defend this area to initiate a recovery scenario.