XRP Price Tumbles Below $1 Amid Regulatory Uncertainty
The price of XRP has fallen to $1.03 due to regulatory uncertainty in the US, specifically the delayed vote on the CLARITY Act, which had been seen as a potential tailwind for Ripple. The token's market capitalization remains at around $64.7 billion with a trading volume of approximately $1.4 billion.
The Senate Majority Leader John Thune confirmed that consideration of the CLARITY Act would resume after the August legislative recess, removing an immediate regulatory boost in the US. However, Ripple has reported full compliance in Crypto-Assets (MiCA) and Crypto Asset Service Provider (CASP) in Luxembourg, which may offset the deferred US legislative timelines.
The price of XRP is currently at a two-year low, with daily momentum indicators skewed to the downside. The Aroon Oscillator reads -100 and the Bull Bear Trend metric stands at -1.36. However, smaller negative histogram bars hint at diminishing downside momentum relative to earlier selloffs.