XRP Price Volatility Ahead of Crucial CLARITY Act Vote
The XRP price dropped by 2.29% on September 2 to $1.33 as investors reduced their risk exposure amid market volatility.
The broader crypto market declined by 0.91% within the past 24 hours, with total capitalization close to 2.6 trillion dollars.
New US-Iran tensions raised oil prices and boosted inflation expectations, putting pressure on XRP's recovery.
However, the upcoming Senate vote on the CLARITY Act could add a strong catalyst for XRP's price movement.
Coinbase CEO Brian Armstrong lobbied for the passage of the CLARITY Act, stating that most banks see it as an opportunity rather than a threat to existing financial services.
The bill aims to split the regulation of digital assets between the SEC and CFTC and establish registration requirements for trading platforms.