XRP Price Takes Hit as Senate Delays Clarity Act Vote

XRP's price dropped by 2.05% in the last 24 hours to $1.02, making it the only major token to close red among the top 10 cryptocurrencies.

The Senate delayed voting on the Clarity Act, a market-structure bill that would have clarified the regulatory status of XRP and other tokens. The delay has raised concerns about the token's future and its potential reclassification as a commodity under the Commodity Futures Trading Commission (CFTC).

Ripple, the company behind XRP, had been hoping for a clear answer from the SEC on whether XRP is a security or not. A law settling this question would be preferable to a settlement with the SEC, which could leave room for further litigation.

The current price action suggests that XRP's downtrend may continue, with some analysts predicting a break below $1.00 and a potential target of $0.9153.