XRP Price Stuck on $1.05 Ahead of CLARITY Act Vote

XRP price is hovering near $1.05 as the CLARITY Act Senate vote approaches. The token has been trading in a holding pattern, with most of its action taking place in leveraged futures markets rather than spot buying.

The long-short ratio on Binance shows that more traders are betting on an increase in price than a decrease, but this could also set up sharp liquidation events if the price moves the wrong way. Traders are watching for a specific sequence of price movements: holding $1.05, reclaiming $1.083, and breaking through to $1.10.

The CLARITY Act is a bill that would split oversight of digital assets between the SEC and the CFTC, potentially helping Ripple secure its status as a commodity rather than a security. Supporters have reached out to lawmakers over 1 million times urging passage of the bill, but debate continues over regulatory oversight and other issues.

SBI Holdings, which has a significant stake in Ripple, believes XRP's price is holding its breath for regulatory news out of Washington. Despite the sluggish price action, SBI remains confident in Ripple and is expanding into stablecoin services and lending products.