XRP Price Slumps to $1.02 Amid Delayed Senate Vote

The price of XRP (XRP) fell to $1.02 on Friday after the US Senate delayed its vote on the CLARITY Act, a bill aimed at regulating digital assets.

Senate Majority Leader John Thune confirmed that the chamber would not take up the bill before lawmakers left Washington for the August recess, citing unresolved disputes over ethics language and stablecoin yield payments.

Analyst ChartNerd noted that XRP was already experiencing losses before the vote slipped, and predicted a 14% average loss in August based on past US midterm years. He cited declines of 5.7%, 23.0%, and 13.7% in 2014, 2018, and 2022 respectively.

Bitwise chief investment officer Matt Hougan expects the measure to linger in a 'walking dead state', but also noted that the SEC can write rules covering similar ground.