XRP Price Slumps as Regulatory Setback and Fed Decision Loom
The XRP price fell on Wednesday due to regulatory disappointment and monetary concerns. The token dropped from its recent high of $1.45 and briefly traded below $1.23 before attempting a modest recovery.
The CLARITY Act, which aimed to bring comprehensive legislation to the crypto space, failed to advance in the Senate after receiving only 49 votes. This setback reduced expectations for any major legislation before year-end and sparked renewed selling across major tokens.
Ripple stated that the defeat did not alter XRP's established legal standing, but short-term market confidence was weakened.
The Federal Reserve officials will announce their policy decision on Wednesday after a two-day meeting in Washington. Interest-rate markets assigned a 93% probability to a 25-basis-point increase before the announcement.