XRP Rebounds from Lows After Senate Vote, But Sustainable Momentum Uncertain

XRP (CRYPTO:XRP) has rebounded from its recent lows after falling to $1.25 in the aftermath of the Senate vote on the CLARITY Act, which would have made XRP a commodity under law.

The price dropped significantly after the bill's failure, but it quickly recovered, reaching $1.58 as of September 22. This rebound was largely driven by traders closing short positions, rather than new investment.

XRP still lags behind its peers, with a 4% gain in the past month compared to Bitcoin's 11.1%, Ethereum's 11.7%, and Solana's 23.6%. The key support level for XRP lies around $1.53, about 3% below the current price.