XRP Price Slumps Amid Senate Delay and Fed Rate Hike Odds

XRP's price has dropped nearly 8% over the past week to $1.06, following two key events that traders were watching closely.

The U.S. Senate shelved the Clarity Act on Monday, prioritizing a Russia sanctions bill and federal nominations instead.

This development is significant for XRP's future, as the Clarity Act would make XRP's legal status as a commodity official, providing clarity that banks and ETF issuers say they need before building new products around it.

Standard Chartered has floated a price target of $8 for XRP if the Senate passes the bill and exchange-traded funds bring in $4 billion to $8 billion in new money.