XRP Remains on 'Settled Ground' Despite Failed Senate Vote

Ripple's Chief Legal Officer Stuart Alderoty stated that Ripple and XRP remain on 'settled ground' despite the Senate's failed vote on the CLARITY Act. This comes after a sharp decline in XRP's price, which currently trades near $1.29.

The comments from Alderoty refer to the 2023 federal court ruling that established XRP as a digital commodity and a joint interpretation by the SEC and CFTC in March designating XRP as such. He also mentioned that both agencies understand the digital asset markets, expecting future rulemaking to set out clearer rules for the market.

Santiment highlighted increased millionaire wallet activity around the previous breakout of XRP's price. The analytics platform reported 85 new addresses holding at least 1 million XRP appeared two days before XRP recorded a 67% breakout between August 17 and August 21.